Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | PROSPERITY BANCSHARES, INC. | |
Entity Central Index Key | 0001068851 | |
Trading Symbol | PB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 95,937,934 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-35388 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-2331986 | |
Entity Address, Address Line One | Prosperity Bank Plaza | |
Entity Address, Address Line Two | 4295 San Felipe | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77027 | |
City Area Code | 281 | |
Local Phone Number | 269-7199 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 1,086,444 | $ 458,153 |
Federal funds sold | 250 | 260 |
Total cash and cash equivalents | 1,086,694 | 458,413 |
Available for sale securities, at fair value | 315,300 | 438,588 |
Held to maturity securities, at cost (fair value of $10,478,359 and $10,984,598, respectively) | 11,985,838 | 12,365,308 |
Total securities | 12,301,138 | 12,803,896 |
Loans held for sale | 6,380 | 5,734 |
Loans held for investment | 20,393,943 | 20,352,559 |
Loans held for investment - Warehouse Purchase Program | 864,924 | 822,245 |
Total loans | 21,265,247 | 21,180,538 |
Less: allowance for credit losses on loans | (330,219) | (332,362) |
Loans, net | 20,935,028 | 20,848,176 |
Accrued interest receivable | 97,671 | 96,327 |
Goodwill | 3,396,402 | 3,396,086 |
Core deposit intangibles, net | 60,757 | 63,994 |
Bank premises and equipment, net | 372,333 | 369,992 |
Other real estate owned | 2,204 | 1,708 |
Bank owned life insurance (BOLI) | 380,615 | 379,447 |
Federal Home Loan Bank of Dallas stock | 8,750 | 8,750 |
Other assets | 114,928 | 121,088 |
TOTAL ASSETS | 38,756,520 | 38,547,877 |
Deposits: | ||
Noninterest-bearing | 9,526,535 | 9,776,572 |
Interest-bearing | 17,648,983 | 17,403,237 |
Total deposits | 27,175,518 | 27,179,809 |
Other borrowings | 3,900,000 | 3,725,000 |
Securities sold under repurchase agreements | 261,671 | 309,277 |
Accrued interest payable | 75,871 | 34,819 |
Allowance for credit losses on off-balance sheet credit exposures | 36,503 | 36,503 |
Other liabilities | 202,413 | 183,139 |
Total liabilities | 31,651,976 | 31,468,547 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding | ||
Common stock, $1 par value; 200,000,000 shares authorized; 93,525,291 issued and outstanding at March 31, 2024; 93,722,383 shares issued and outstanding at December 31, 2023 | 93,525 | 93,723 |
Capital surplus | 3,672,090 | 3,703,795 |
Retained earnings | 3,341,262 | 3,283,210 |
Accumulated other comprehensive loss - net unrealized loss on available for sale securities, net of tax benefit of $(620) and $(372), respectively | (2,333) | (1,398) |
Total shareholders’ equity | 7,104,544 | 7,079,330 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 38,756,520 | $ 38,547,877 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held to maturity securities, fair value | $ 10,478,359 | $ 10,984,598 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | |
Common stock, shares issued (in shares) | 93,525,291 | 93,722,383 |
Common stock, shares outstanding (in shares) | 93,525,291 | 93,722,383 |
Accumulated other comprehensive loss net unrealized loss on available for sale securities, tax benefit | $ (620) | $ (372) |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME: | ||
Loans, including fees | $ 306,228,000 | $ 247,118,000 |
Securities | 66,421,000 | 73,185,000 |
Federal funds sold and other earning assets | 9,265,000 | 7,006,000 |
Total interest income | 381,914,000 | 327,309,000 |
INTEREST EXPENSE: | ||
Deposits | 92,692,000 | 47,343,000 |
Other borrowings | 48,946,000 | 34,396,000 |
Securities sold under repurchase agreements | 2,032,000 | 2,103,000 |
Total interest expense | 143,670,000 | 83,842,000 |
NET INTEREST INCOME | 238,244,000 | 243,467,000 |
PROVISION FOR CREDIT LOSSES | 0 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 238,244,000 | 243,467,000 |
NONINTEREST INCOME: | ||
Nonsufficient funds (NSF) fees | 8,288,000 | 8,095,000 |
Credit card, debit card and ATM card income | 8,861,000 | 8,666,000 |
Service charges on deposit accounts | 6,406,000 | 5,926,000 |
Trust income | 4,156,000 | 3,225,000 |
Mortgage income | 610,000 | 238,000 |
Brokerage income | 1,235,000 | 1,149,000 |
Net (loss) gain on sale or write-down of assets | (35,000) | 121,000 |
Net gain on sale of securities | 298,000 | 0 |
Other | 9,051,000 | 10,846,000 |
Total noninterest income | 38,870,000 | 38,266,000 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 85,771,000 | 77,798,000 |
Net occupancy and equipment | 8,623,000 | 8,025,000 |
Credit and debit card, data processing and software amortization | 10,975,000 | 9,566,000 |
Regulatory assessments and FDIC insurance | 5,538,000 | 4,973,000 |
Core deposit intangibles amortization | 3,237,000 | 2,374,000 |
Depreciation | 4,686,000 | 4,433,000 |
Communications | 3,402,000 | 3,462,000 |
Net other real estate income | 49,000 | 45,000 |
Merger related expenses | 0 | 860,000 |
Other | 13,567,000 | 11,464,000 |
Total noninterest expense | 135,848,000 | 123,000,000 |
INCOME BEFORE INCOME TAXES | 141,266,000 | 158,733,000 |
PROVISION FOR INCOME TAXES | 30,840,000 | 34,039,000 |
NET INCOME | $ 110,426,000 | $ 124,694,000 |
EARNINGS PER SHARE: | ||
Basic | $ 1.18 | $ 1.37 |
Diluted | $ 1.18 | $ 1.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 110,426 | $ 124,694 |
Securities available for sale: | ||
Change in unrealized loss during the period | (1,184) | (4) |
Total other comprehensive loss | (1,184) | (4) |
Deferred tax benefit related to other comprehensive income | 249 | 1 |
Other comprehensive loss, net of tax | (935) | (3) |
Comprehensive income | $ 109,491 | $ 124,691 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2022 | $ 6,699,374 | $ 91,314 | $ 3,541,924 | $ 3,069,609 | $ (3,473) |
BALANCE (in shares) at Dec. 31, 2022 | 91,313,615 | ||||
Net income | 124,694 | 124,694 | |||
Other comprehensive loss | (3) | (3) | |||
Common stock issued in connection with the granting of restricted stock awards, net | $ (9) | 9 | |||
Common stock issued in connection with the granting of restricted stock awards, net (in shares) | (9,250) | ||||
Common stock repurchase | (38,040) | $ (611) | (37,429) | ||
Common stock repurchase (in shares) | (611,263) | ||||
Stock based compensation expense | 3,166 | 3,166 | |||
Cash dividends declared | (50,074) | (50,074) | |||
BALANCE at Mar. 31, 2023 | 6,739,117 | $ 90,694 | 3,507,670 | 3,144,229 | (3,476) |
BALANCE (in shares) at Mar. 31, 2023 | 90,693,102 | ||||
BALANCE at Dec. 31, 2023 | 7,079,330 | $ 93,723 | 3,703,795 | 3,283,210 | (1,398) |
BALANCE (in shares) at Dec. 31, 2023 | 93,722,383 | ||||
Net income | 110,426 | 110,426 | |||
Other comprehensive loss | (935) | (935) | |||
Common stock issued in connection with the granting of restricted stock awards, net | $ 370 | (370) | |||
Common stock issued in connection with the granting of restricted stock awards, net (in shares) | 370,600 | ||||
Common stock repurchase | (35,282) | $ (568) | (34,714) | ||
Common stock repurchase (in shares) | (567,692) | ||||
Stock based compensation expense | 3,379 | 3,379 | |||
Cash dividends declared | (52,374) | (52,374) | |||
BALANCE at Mar. 31, 2024 | $ 7,104,544 | $ 93,525 | $ 3,672,090 | $ 3,341,262 | $ (2,333) |
BALANCE (in shares) at Mar. 31, 2024 | 93,525,291 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.56 | $ 0.55 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 110,426,000 | $ 124,694,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and core deposit intangibles amortization | 7,923,000 | 6,807,000 |
Provision for credit losses | 0 | 0 |
Net amortization of premium on investments | 5,822,000 | 7,384,000 |
Net gain on sale of investment securities | (298,000) | |
Net gain on sale of other real estate and repossessed assets | (137,000) | (13,000) |
Net loss (gain) on sale or write down of premises and equipment | 35,000 | (121,000) |
Net accretion of discount on loans | (1,860,000) | (872,000) |
Net amortization of premium on deposits | (97,000) | (53,000) |
Net gain on sale of loans | (612,000) | (239,000) |
Proceeds from sale of loans held for sale | 24,475,000 | 8,470,000 |
Originations of loans held for sale | (24,509,000) | (9,280,000) |
Stock based compensation expense | 3,379,000 | 3,166,000 |
Decrease (increase) in accrued interest receivable and other assets | 2,811,000 | (66,156,000) |
Increase in accrued interest payable and other liabilities | 60,042,000 | 105,986,000 |
Net cash provided by operating activities | 187,400,000 | 179,773,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal paydowns of held to maturity securities | 391,803,000 | 412,524,000 |
Purchase of held to maturity securities | (18,947,000) | (3,028,000) |
Proceeds from maturities, sales and principal paydowns of available for sale securities | 5,631,402,000 | 2,515,280,000 |
Purchase of available for sale securities | (5,508,208,000) | (2,527,704,000) |
Originations of Warehouse Purchase Program loans | (3,021,378,000) | (2,468,101,000) |
Proceeds from pay-offs of Warehouse Purchase Program loans | 2,978,699,000 | 2,409,606,000 |
Net increase in loans held for investment | (42,737,000) | (434,029,000) |
Purchase of bank premises and equipment | (7,184,000) | (10,224,000) |
Proceeds from sale of bank premises, equipment and other real estate | 838,000 | 741,000 |
Proceeds from insurance claims | 1,049,000 | 2,811,000 |
Net cash provided by (used in) investing activities | 405,337,000 | (102,124,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net decrease in noninterest-bearing deposits | (250,037,000) | (807,100,000) |
Net increase (decrease) in interest-bearing deposits | 245,843,000 | (722,142,000) |
Net proceeds from other short-term borrowings | 175,000,000 | 1,515,000,000 |
Net (decrease) increase in securities sold under repurchase agreements | (47,606,000) | 6,127,000 |
Repurchase of common stock | (35,282,000) | (38,040,000) |
Payments of cash dividends | (52,374,000) | (50,074,000) |
Net cash provided by (used in) financing activities | 35,544,000 | (96,229,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 628,281,000 | (18,580,000) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 458,413,000 | 424,133,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,086,694,000 | 405,553,000 |
NONCASH ACTIVITIES: | ||
Acquisition of real estate through foreclosure of collateral | 969,000 | 468,000 |
SUPPLEMENTAL INFORMATION: | ||
Income taxes paid | 487,000 | 327,000 |
Interest paid | $ 102,618,000 | $ 79,968,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 110,426 | $ 124,694 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Title | director or officer |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The consolidated financial statements include the accounts of Prosperity Bancshares, Inc. ® (“Bancshares”) and its wholly-owned subsidiary, Prosperity Bank ® (the “Bank,” and together with Bancshares, the “Company”). All intercompany transactions and balances have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis; and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. |
Income Per Common Share
Income Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | 2. INCOME PER COMMON SHARE The following table illustrates the computation of basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 110,426 $ 124,694 Basic: Weighted average shares outstanding 93,706 $ 1.18 91,207 $ 1.37 Diluted: Weighted average shares outstanding 93,706 $ 1.18 91,207 $ 1.37 There were no stock options outstanding at March 31, 2024 or exercisable during the three months ended March 31, 2024 or 2023 that would have had an anti-dilutive effect on the above computation. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | 3. NEW ACCOUNTING STANDARDS Accounting Standards Updates (“ASU”) ASU 2024-01, Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. ASU 2024-01 clarifies the scope application of profits interest and similar awards by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718 , “ Compensation — Stock Compensation .” However, this amendment does not change the intent of that guidance, nor how it should be applied. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. The Company does not expect ASU 2024-01 to have a significant impact on its financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income. ASU 2023-09 focuses on the rate reconciliation and income taxes paid and requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5 % of total income tax payments, net of refunds received. For public business entities the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company does not expect ASU 2023-09 to have an impact on its financial statements. ASU 2023-07, Segment Reporting (Topic 280)—Improvement to Reportable Segment Disclosures . ASU 2023-07 amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect ASU 2023-07 to have a significant impact on its financial statements. ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 amends the FASB Accounting Standards Codification to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not expect ASU 2023-06 to have a significant impact on its financial statements. ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in ASU 2022-02 eliminated the accounting guidance for troubled debt restructurings and enhanced disclosures for certain loan refinancing and restructurings to borrowers experiencing financial difficulty. This guidance was applied on a prospective basis. Additionally, ASU 2022-02 requires entities to disclose current-period gross charge-offs by year of origination. ASU 2022-02 became effective for the Company on January 1, 2023 and did not have a significant impact on the Company’s financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 4. SECURITIES The amortized cost and fair value of investment securities were as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Corporate debt securities $ 14,350 $ 1,830 $ ( 335 ) $ 15,845 Collateralized mortgage obligations 198,180 — ( 3,374 ) 194,806 Mortgage-backed securities 105,723 58 ( 1,132 ) 104,649 Total $ 318,253 $ 1,888 $ ( 4,841 ) $ 315,300 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,691 $ — $ ( 107 ) $ 7,584 States and political subdivisions 111,699 764 ( 2,581 ) 109,882 Corporate debt securities 12,000 — ( 3,840 ) 8,160 Collateralized mortgage obligations 256,216 — ( 25,076 ) 231,140 Mortgage-backed securities 11,598,232 388 ( 1,477,027 ) 10,121,593 Total $ 11,985,838 $ 1,152 $ ( 1,508,631 ) $ 10,478,359 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Corporate debt securities $ 20,698 $ 1,827 $ ( 738 ) $ 21,787 Collateralized mortgage obligations 321,881 967 ( 2,804 ) 320,044 Mortgage-backed securities 97,779 96 ( 1,118 ) 96,757 Total $ 440,358 $ 2,890 $ ( 4,660 ) $ 438,588 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,631 $ — $ ( 52 ) $ 7,579 States and political subdivisions 116,497 1,864 ( 2,306 ) 116,055 Corporate debt securities 12,000 — ( 4,200 ) 7,800 Collateralized mortgage obligations 263,250 — ( 20,864 ) 242,386 Mortgage-backed securities 11,965,930 2,131 ( 1,357,283 ) 10,610,778 Total $ 12,365,308 $ 3,995 $ ( 1,384,705 ) $ 10,984,598 The investment securities portfolio is measured for expected credit losses by segregating the portfolio into two general classifications and applying the appropriate expected credit losses methodology. Investment securities classified as available for sale or held to maturity are evaluated for expected credit losses under FASB ASC 326 ,“Financial Instruments – Credit Losses.” Available for sale securities . For available for sale securities in an unrealized loss position, the amount of the expected credit losses recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the expected credit losses will be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the expected credit losses will be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total expected credit losses related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total expected credit losses related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the expected credit losses recognized in earnings will become the new amortized cost basis of the investment. As of March 31, 2024, management does not have the intent to sell any of the securities classified as available for sale before a recovery of cost. In addition, management believes it is more likely than not that the Company will not be required to sell any of its investment securities before a recovery of cost. The unrealized losses are largely due to changes in market interest rates and spread relationships since the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2024, management believes that there is no potential for credit losses on available for sale securities. Held to maturity securities . The Company’s held to maturity investments include mortgage-related bonds issued by either the Government National Mortgage Corporation (“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”). Ginnie Mae issued securities are explicitly guaranteed by the U.S. government, while Fannie Mae and Freddie Mac issued securities are fully guaranteed by those respective United States government-sponsored agencies and conditionally guaranteed by the full faith and credit of the United States. The Company’s held to maturity securities also include taxable and tax-exempt municipal securities issued primarily by school districts, utility districts and municipalities located in Texas. The Company’s investment in municipal securities is exposed to credit risk. The securities are highly rated by major rating agencies and regularly reviewed by management. A significant portion are guaranteed or insured by either the Texas Permanent School Fund, Assured Guaranty or Build America Mutual. As of March 31, 2024, the Company’s municipal securities represent 0.9 % of the securities portfolio. Management has the ability and intent to hold the securities classified as held to maturity until they mature, at which time the Company will receive full value for the securities. Accordingly, as of March 31, 2024 , management believes that there is no potential for material credit losses on held to maturity securities. Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: March 31, 2024 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Corporate debt securities $ 5,265 $ ( 335 ) $ — $ — $ 5,265 $ ( 335 ) Collateralized mortgage obligations 58,266 ( 874 ) 136,540 ( 2,500 ) 194,806 ( 3,374 ) Mortgage-backed securities 10,043 ( 60 ) 91,458 ( 1,072 ) 101,501 ( 1,132 ) Total $ 73,574 $ ( 1,269 ) $ 227,998 $ ( 3,572 ) $ 301,572 $ ( 4,841 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,583 $ ( 107 ) $ — $ — $ 7,583 $ ( 107 ) States and political subdivisions 14,877 ( 68 ) 54,906 ( 2,513 ) 69,783 ( 2,581 ) Corporate debt securities — — 8,160 ( 3,840 ) 8,160 ( 3,840 ) Collateralized mortgage obligations 47,876 ( 1,261 ) 183,228 ( 23,815 ) 231,104 ( 25,076 ) Mortgage-backed securities 147,256 ( 1,836 ) 9,900,482 ( 1,475,191 ) 10,047,738 ( 1,477,027 ) Total $ 217,592 $ ( 3,272 ) $ 10,146,776 $ ( 1,505,359 ) $ 10,364,368 $ ( 1,508,631 ) December 31, 2023 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Corporate debt securities $ 7,300 $ ( 738 ) $ — $ — $ 7,300 $ ( 738 ) Collateralized mortgage obligations 54,611 ( 729 ) 114,758 ( 2,075 ) 169,369 ( 2,804 ) Mortgage-backed securities 1,154 ( 13 ) 92,211 ( 1,105 ) 93,365 ( 1,118 ) Total $ 63,065 $ ( 1,480 ) $ 206,969 $ ( 3,180 ) $ 270,034 $ ( 4,660 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,580 $ ( 52 ) $ — $ — $ 7,580 $ ( 52 ) States and political subdivisions 23,085 ( 79 ) 41,039 ( 2,227 ) 64,124 ( 2,306 ) Corporate debt securities — — 7,800 ( 4,200 ) 7,800 ( 4,200 ) Collateralized mortgage obligations 50,147 ( 470 ) 192,205 ( 20,394 ) 242,352 ( 20,864 ) Mortgage-backed securities 52,853 ( 807 ) 10,354,514 ( 1,356,476 ) 10,407,367 ( 1,357,283 ) Total $ 133,665 $ ( 1,408 ) $ 10,595,558 $ ( 1,383,297 ) $ 10,729,223 $ ( 1,384,705 ) At March 31, 2024 and December 31, 2023 , there were 1,028 securities and 941 securities, respectively, in an unrealized loss position for 12 months or more. The table below summarizes the amortized cost and fair value of investment securities at March 31, 2024, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 27,214 $ 27,560 $ — $ — Due after one year through five years 45,853 45,608 — — Due after five years through ten years 46,427 41,573 14,350 15,845 Due after ten years 11,896 10,885 — — Subtotal 131,390 125,626 14,350 15,845 Mortgage-backed securities and collateralized mortgage obligations 11,854,448 10,352,733 303,903 299,455 Total $ 11,985,838 $ 10,478,359 $ 318,253 $ 315,300 The Company recorded a $ 298 thousand net gain on the sale of securities for the three months ended March 31, 2024 and no gain or loss on the sale of securities for the three months ended March 31, 2023. As of March 31, 2024, the Company did not own any non-agency collateralized mortgage obligations. At March 31, 2024 and December 31, 2023 , the Company did not own securities of any one issuer (other than the U.S. government and its agencies) for which aggregate adjusted cost exceeded 10 % of the consolidated shareholders’ equity at such respective dates. Securities with an amortized cost of $ 10.99 billion and $ 11.34 billion and a fair value of $ 9.60 billion and $ 10.09 billion at March 31, 2024 and December 31, 2023 , respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES The loan portfolio consists of various types of loans and is categorized by major type as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Residential mortgage loans held for sale $ 6,380 $ 5,734 Commercial and industrial 2,470,848 2,305,040 Real estate: Construction, land development and other land loans 2,876,588 3,076,591 1-4 family residential (includes home equity) 8,275,040 8,162,344 Commercial real estate (includes multi-family residential) 5,631,460 5,662,948 Farmland 590,896 598,898 Agriculture 222,196 217,145 Consumer and other 326,915 329,593 Total loans held for investment, excluding Warehouse Purchase Program 20,393,943 20,352,559 Warehouse Purchase Program 864,924 822,245 Total loans, including Warehouse Purchase Program $ 21,265,247 $ 21,180,538 Concentrations of Credit. Most of the Company’s lending activity occurs within the states of Texas and Oklahoma. Commercial real estate loans, 1-4 family residential loans and construction, land development and other land loans made up 82.3 % and 83.0 % of the Company’s total loan portfolio, excluding Warehouse Purchase Program loans, at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023 , excluding Warehouse Purchase Program loans, there were no concentrations of loans related to any single industry in excess of 10 % of total loans. Related Party Loans. As of March 31, 2024 and December 31, 2023 , loans outstanding to directors, officers and their affiliates totaled $ 290 thousand and $ 292 thousand, respectively. All transactions between the Company and such related parties are conducted in the ordinary course of business and made on the same terms and conditions as similar transactions with unaffiliated persons. An analysis of activity with respect to these related party loans is as follows: As of and for the As of and for the 31, 2023 (Dollars in thousands) Beginning balance on January 1 $ 292 $ 547 New loans 1 64 Repayments ( 3 ) ( 319 ) Ending balance $ 290 $ 292 Nonperforming Assets and Nonaccrual and Past Due Loans. The Company has several procedures in place to assist it in maintaining the overall quality of its loan portfolio. The Company has established underwriting guidelines to be followed by its officers, including requiring appraisals on loans collateralized by real estate. The Company also monitors its delinquency levels for any negative or adverse trends. Nevertheless, the Company’s loan portfolio could become subject to increasing pressures from deteriorating borrower credit due to general economic conditions. The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases; unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. With respect to potential problem loans, an evaluation of the borrower’s overall financial condition is made, together with an appraisal for loans collateralized by real estate, to determine the need, if any, for possible write-downs or appropriate additions to the allowance for credit losses. An aging analysis of past due loans, segregated by category of loan, is presented below: March 31, 2024 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 17,078 $ — $ 17,078 $ 14,749 $ 2,844,761 $ 2,876,588 Warehouse Purchase Program loans — — — — 864,924 864,924 Agriculture and agriculture real estate (includes farmland) 3,672 428 4,100 3,286 805,706 813,092 1-4 family (includes home equity) (1) 37,462 — 37,462 29,464 8,214,494 8,281,420 Commercial real estate (includes multi-family residential) 13,036 2,417 15,453 21,303 5,594,704 5,631,460 Commercial and industrial 20,715 190 20,905 9,542 2,440,401 2,470,848 Consumer and other 432 — 432 131 326,352 326,915 Total $ 92,395 $ 3,035 $ 95,430 $ 78,475 $ 21,091,342 $ 21,265,247 December 31, 2023 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 21,627 $ 1,635 $ 23,262 $ 14,770 $ 3,038,559 $ 3,076,591 Warehouse Purchase Program loans — — — — 822,245 822,245 Agriculture and agriculture real estate (includes farmland) 8,572 — 8,572 1,460 806,011 816,043 1-4 family (includes home equity) (1) 38,350 130 38,480 25,694 8,103,904 8,168,078 Commercial real estate (includes multi-family residential) 23,511 — 23,511 18,662 5,620,775 5,662,948 Commercial and industrial 14,782 430 15,212 8,066 2,281,762 2,305,040 Consumer and other 503 — 503 36 329,054 329,593 Total $ 107,345 $ 2,195 $ 109,540 $ 68,688 $ 21,002,310 $ 21,180,538 (1) Includes $ 6.4 million and $ 5.7 million of residential mortgage loans held for sale at March 31, 2024 and December 31, 2023 , respectively. The following table presents information regarding nonperforming assets as of the dates indicated: March 31, 2024 December 31, 2023 (Dollars in thousands) Nonaccrual loans (1) (2) $ 78,475 $ 68,688 Accruing loans 90 or more days past due 3,035 2,195 Total nonperforming loans 81,510 70,883 Repossessed assets 97 76 Other real estate 2,204 1,708 Total nonperforming assets $ 83,811 $ 72,667 Nonperforming assets to total loans and other real estate 0.39 % 0.34 % Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate 0.41 % 0.36 % Nonaccrual loans to total loans 0.37 % 0.32 % Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans 0.38 % 0.34 % (1) ASU 2022-02 became effective for the Company on January 1, 2023. (2) There were no nonperforming Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. The Company had $ 83.8 million in nonperforming assets at March 31, 2024 compared with $ 72.7 million at December 31, 2023. Nonperforming assets were 0.39 % of total loans and other real estate at March 31, 2024 and 0.34 % of total loans and other real estate at December 31, 2023. The Company had $ 78.5 million in nonaccrual loans at March 31, 2024 compared with $ 68.7 million at December 31, 2023. Acquired Loans. Acquired loans were preliminarily recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates. Projected default rates, loss given default, and recovery rates for purchased credit deteriorated (“PCD”) loans primarily impact the related allowance, as opposed to the fair value mark. During the valuation process, the Company identified PCD and Non-PCD loans in the acquired loan portfolios. Loans acquired with evidence of credit quality deterioration since origination as of the acquisition date were accounted for as PCD. PCD loan identification considers the following factors: payment history and past due status, debt service coverage, loan grading, collateral values and other factors that may indicate deterioration of credit quality as of the acquisition date when compared to the origination date. Non-PCD loan identification considers the following factors: account types, remaining terms, annual interest rates or coupons, current market rates, interest types, past delinquencies, timing of principal and interest payments, loan to value ratios, loss exposures and remaining balances. Accretion of purchased discounts on PCD and Non-PCD loans will be recognized based on payment structure and the contractual maturity of individual loans. PCD Loans. The recorded investment in PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 (Dollars in thousands) PCD loans: Outstanding balance $ 495,074 $ 533,653 Discount ( 7,361 ) ( 7,914 ) Recorded investment $ 487,713 $ 525,739 Changes in the accretable yield for acquired PCD loans for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Balance at beginning of period $ 7,914 $ 3,361 Accretion charge-offs ( 5 ) — Accretion ( 548 ) ( 339 ) Balance at March 31, $ 7,361 $ 3,022 Income recognition on PCD loans is subject to the timing and amount of future cash flows. PCD loans for which the Company is accruing interest income are not considered nonperforming or impaired. The PCD discount reflected above as of March 31, 2024, represents the amount of discount available to be recognized as income. Non-PCD Loans. The recorded investment in Non-PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 (Dollars in thousands) Non-PCD loans: Outstanding balance $ 1,676,563 $ 1,823,809 Discount ( 18,681 ) ( 19,992 ) Recorded investment $ 1,657,882 $ 1,803,817 Changes in the discount accretion for Non-PCD loans for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Balance at beginning of period $ 19,992 $ 2,233 Accretion recoveries 1 — Accretion ( 1,312 ) ( 532 ) Balance at March 31, $ 18,681 $ 1,701 Credit Quality Indicators. As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks loan grades to be used as credit quality indicators. The following is a general description of the loan grades used: Grade 1— Credits in this category have risk potential that is virtually nonexistent. These loans may be secured by insured certificates of deposit, insured savings accounts, U.S. Government securities and highly rated municipal bonds. Grade 2— Credits in this category are of the highest quality. These borrowers represent top rated companies and individuals with unquestionable financial standing with excellent global cash flow coverage, net worth, liquidity and collateral coverage. Grade 3— Credits in this category are not immune from risk but are well protected by the collateral and paying capacity of the borrower. These loans may exhibit a minor unfavorable credit factor, but the overall credit is sufficiently strong to minimize the possibility of loss. Grade 4— Credits in this category are considered to be of acceptable credit quality with moderately greater risk than Grade 3 and receiving closer monitoring. Loans in this category have sources of repayment that remain sufficient to preclude a larger than normal probability of default and secondary sources are likewise currently of sufficient quantity, quality, and liquidity to protect the Company against loss of principal and interest. These borrowers have specific risk factors, but the overall strength of the credit is acceptable based on other mitigating credit and/or collateral factors and can repay the debt in the normal course of business. Grade 5— Credits in this category constitute an undue and unwarranted credit risk; however, the factors do not rise to a level of substandard. These credits have potential weaknesses and/or declining trends that, if not corrected, could expose the Company to risk at a future date. These loans are monitored on the Company’s internally-generated watch list and evaluated on a quarterly basis. Grade 6— Credits in this category are considered “substandard” but “non-impaired” loans in accordance with regulatory guidelines. Loans in this category have well-defined weakness that, if not corrected, could make default of principal and interest possible. Loans in this category are still accruing interest and may be dependent upon secondary sources of repayment and/or collateral liquidation. Grade 7— Credits in this category are deemed “substandard” and “impaired” pursuant to regulatory guidelines. As such, the Company has determined that it is probable that less than 100% of the contractual principal and interest will be collected. These loans are individually evaluated for a specific reserve and will typically have the accrual of interest stopped. Grade 8— Credits in this category include “doubtful” loans in accordance with regulatory guidance. Such loans are no longer accruing interest and factors indicate a loss is imminent. These loans are also deemed “impaired.” While a specific reserve may be in place while the loan and collateral are being evaluated, these loans are typically charged down to an amount the Company estimates is collectible. Grade 9— Credits in this category are deemed a “loss” in accordance with regulatory guidelines and have been charged off or charged down. The Company may continue collection efforts and may have partial recovery in the future. The following tables present loans by risk grade, by category of loan and year of origination/renewal at March 31, 2024. Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Construction, Land Development and Other Land Loans Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — 1,106 166 — — 14 — — 1,286 Grade 3 103,359 745,828 696,969 364,477 215,354 57,308 119,072 — 2,302,367 Grade 4 3,478 83,562 146,216 42,544 5,572 26,944 30,782 — 339,098 Grade 5 — — 1,357 — 23,373 15,796 769 — 41,295 Grade 6 — 570 — 7,698 184 561 — — 9,013 Grade 7 — 183 2,647 343 — 242 248 — 3,663 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 1,218 29,616 98,450 15,171 7,649 7,371 20,391 — 179,866 Total $ 108,055 $ 860,865 $ 945,805 $ 430,233 $ 252,132 $ 108,236 $ 171,262 $ — $ 2,876,588 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agriculture and Agriculture Real Estate (includes Farmland) Grade 1 $ 720 $ 1,179 $ 1,231 $ 172 $ 252 $ 369 $ 8,590 $ — $ 12,513 Grade 2 — 13 60 101 — 722 46 — 942 Grade 3 20,051 126,212 168,180 76,630 47,924 118,858 102,641 94 660,590 Grade 4 3,436 21,435 19,644 25,993 4,122 9,589 21,807 — 106,026 Grade 5 725 57 799 885 — 1,143 — — 3,609 Grade 6 — — — 78 — 1,195 — — 1,273 Grade 7 — — 1,469 558 339 29 — — 2,395 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 1,986 2,532 1,345 14,558 2,630 2,693 — 25,744 Total $ 24,932 $ 150,882 $ 193,915 $ 105,762 $ 67,195 $ 134,535 $ 135,777 $ 94 $ 813,092 Current-period gross write-offs $ — $ — $ — $ — $ — $ 121 $ — $ — $ 121 1-4 Family (includes Home Equity) (1) Grade 1 $ — $ 74 $ 153 $ — $ 109 $ — $ — $ — $ 336 Grade 2 — 526 1,243 153 236 2,602 — — 4,760 Grade 3 109,256 1,172,870 2,253,123 2,140,728 1,021,887 1,310,779 91,597 2,757 8,102,997 Grade 4 1,178 15,265 15,813 25,722 5,681 64,138 2,871 204 130,872 Grade 5 — — 1,206 — 119 2,517 — — 3,842 Grade 6 — — 357 41 19 1,840 — — 2,257 Grade 7 — 1,744 7,554 5,304 4,433 9,293 95 — 28,423 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 625 4,243 475 469 2,121 — — 7,933 Total $ 110,434 $ 1,191,104 $ 2,283,692 $ 2,172,423 $ 1,032,953 $ 1,393,290 $ 94,563 $ 2,961 $ 8,281,420 Current-period gross write-offs $ — $ — $ 389 $ — $ 33 $ 39 $ — $ — $ 461 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate (includes Multi-Family Residential) Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — 1,128 — 459 2,232 — — 3,819 Grade 3 50,492 403,245 908,841 680,193 405,589 1,246,771 77,627 4,591 3,777,349 Grade 4 2,667 43,104 262,140 172,287 217,796 716,336 15,857 — 1,430,187 Grade 5 — 192 2,538 4,771 — 89,422 2,355 — 99,278 Grade 6 — — — 356 11,451 76,088 — — 87,895 Grade 7 — 1,693 827 2,464 — 806 — — 5,790 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 540 13,613 53,166 49,281 38,547 71,666 329 — 227,142 Total $ 53,699 $ 461,847 $ 1,228,640 $ 909,352 $ 673,842 $ 2,203,321 $ 96,168 $ 4,591 $ 5,631,460 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Industrial Grade 1 $ 6,392 $ 15,267 $ 9,372 $ 6,418 $ 2,811 $ 6,188 $ 41,360 $ 176 $ 87,984 Grade 2 — 695 7,799 219 195 3,651 2,295 — 14,854 Grade 3 211,874 206,299 222,945 147,665 49,661 187,230 910,134 30,276 1,966,084 Grade 4 20,633 44,614 30,936 14,641 11,286 110,319 65,063 2,222 299,714 Grade 5 — 17 21,827 6,057 1,666 788 8,200 100 38,655 Grade 6 413 311 3,898 615 354 962 2,390 — 8,943 Grade 7 — 3,900 420 195 1,268 1,416 457 — 7,656 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 3,689 14,070 3,637 661 2,439 22,462 — 46,958 Total $ 239,312 $ 274,792 $ 311,267 $ 179,447 $ 67,902 $ 312,993 $ 1,052,361 $ 32,774 $ 2,470,848 Current-period gross write-offs $ — $ 53 $ 349 $ 39 $ — $ 24 $ 895 $ — $ 1,360 Consumer and Other Grade 1 $ 4,614 $ 12,520 $ 5,465 $ 2,813 $ 1,681 $ 5,914 $ 2,588 $ — $ 35,595 Grade 2 6,132 12,406 14,181 — — 1,839 1,507 — 36,065 Grade 3 24,054 40,317 38,129 24,769 11,901 17,352 75,004 11 231,537 Grade 4 — 1,748 257 1,105 15,259 2,255 2,865 — 23,489 Grade 5 — — — — — — — — — Grade 6 — — 31 5 — — — — 36 Grade 7 — — — — 122 1 — — 123 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — 34 7 15 14 — 70 Total $ 34,800 $ 66,991 $ 58,063 $ 28,726 $ 28,970 $ 27,376 $ 81,978 $ 11 $ 326,915 Current-period gross write-offs $ 1,470 $ 20 $ 17 $ 24 $ — $ 70 $ 58 $ — $ 1,659 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Warehouse Purchase Program Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — — — — — Grade 3 864,924 — — — — — — — 864,924 Grade 4 — — — — — — — — — Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — — — — — Total $ 864,924 $ — $ — $ — $ — $ — $ — $ — $ 864,924 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total Grade 1 $ 11,726 $ 29,040 $ 16,221 $ 9,403 $ 4,853 $ 12,471 $ 52,538 $ 176 $ 136,428 Grade 2 6,132 14,746 24,577 473 890 11,060 3,848 — 61,726 Grade 3 1,384,010 2,694,771 4,288,187 3,434,462 1,752,316 2,938,298 1,376,075 37,729 17,905,848 Grade 4 31,392 209,728 475,006 282,292 259,716 929,581 139,245 2,426 2,329,386 Grade 5 725 266 27,727 11,713 25,158 109,666 11,324 100 186,679 Grade 6 413 881 4,286 8,793 12,008 80,646 2,390 — 109,417 Grade 7 — 7,520 12,917 8,864 6,162 11,787 800 — 48,050 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 1,758 49,529 172,461 69,943 61,891 86,242 45,889 — 487,713 Total $ 1,436,156 $ 3,006,481 $ 5,021,382 $ 3,825,943 $ 2,122,994 $ 4,179,751 $ 1,632,109 $ 40,431 $ 21,265,247 Current-period gross write-offs $ 1,470 $ 73 $ 755 $ 63 $ 33 $ 254 $ 953 $ — $ 3,601 (1) Includes $ 6.4 million of residential mortgage loans held for sale at March 31, 2024 . Allowance for Credit Losses on Loans. The allowance for credit losses is adjusted through charges to earnings in the form of a provision for credit losses. Management has established an allowance for credit losses which it believes is adequate as of March 31, 2024 for estimated losses in the Company’s loan portfolio. The amount of the allowance for credit losses on loans is affected by the following: (1) charge-offs of loans that occur when loans are deemed uncollectible and decrease the allowance, (2) recoveries on loans previously charged off that increase the allowance, (3) provisions for credit losses charged to earnings that increase the allowance, and (4) provision releases returned to earnings that decrease the allowance. Based on an evaluation of the loan portfolio and consideration of the factors listed below, management presents a quarterly review of the allowance for credit losses to the Bank’s Board of Directors, indicating any change in the allowance since the last review and any recommendations as to adjustments in the allowance. Although management believes it uses the best information available to make determinations with respect to the allowance for credit losses, future adjustments may be necessary if economic conditions or borrower performance differ from the assumptions used in making the initial determinations. The Company’s allowance for credit losses on loans consists of two components: (1) a specific valuation allowance based on expected losses on specifically identified loans and (2) a general valuation allowance based on historical lifetime loan loss experience, current economic conditions, reasonable and supportable forecasted economic conditions and other qualitative risk factors both internal and external to the Company. In setting the specific valuation allowance, the Company follows a loan review program to evaluate the credit risk in the total loan portfolio and assigns risk grades to each loan. Through this loan review process, the Company maintains an internal list of impaired loans, which along with the delinquency list of loans, helps management assess the overall quality of the loan portfolio and the adequacy of the allowance for credit losses. All loans that have been identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. For certain impaired loans, the Company allocates a specific loan loss reserve primarily based on the value of the collateral securing the impaired loan in accordance with ASC Topic 326-20, “ Financial Instruments – Credit Losses. ” The specific reserves are determined on an individual loan basis. Loans for which specific reserves are provided are excluded from the general valuation allowance described below. In connection with this review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements include: • for 1-4 family residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan to value ratio, and the age, condition and marketability of collateral; • for commercial real estate loans and multifamily residential loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan payment requirements), operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type; • for construction, land development and other land loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio; • for commercial and industrial loans, the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral; • for the Warehouse Purchase Program, the capitalization and liquidity of the mortgage banking client, the operating experience, the client’s satisfactory underwriting of purchased loans and the consistent timeliness by the client of loan resale to investors; • for agriculture real estate loans, the experience and financial capability of the borrower, projected debt service coverage of the operations of the borrower and loan to value ratio; and • for non-real estate agriculture loans, the operating results, experience and financial capability of the borrower, historical and expected market conditions and the value, nature and marketability of collateral. In addition, for each category, the Company considers secondary sources of income and the financial strength and credit history of the borrower and any guarantors. In determining the amount of the general valuation allowance, management considers factors such as historical lifetime loan loss experience, concentration risk of specific loan types, the volume, growth and composition of the Company’s loan portfolio, current economic conditions and reasonable and supportable forecasted economic conditions that may affect borrower ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process, other qualitative risk factors both internal and external to the Company and other relevant factors in accordance with ASC Topic 326, “ Financial Instruments – Credit Losses.” Historical lifetime loan loss experience is determined by utilizing an open-pool (“cumulative loss rate”) methodology. Adjustments to the historical lifetime loan loss experience are made for differences in current loan pool risk characteristics such as portfolio concentrations, delinquency, non-accrual, and watch list levels, as well as changes in current and forecasted economic conditions such as unemployment rates, property and collateral values, and other indices relating to economic activity. The utilization of reasonable and supportable forecasts includes an immediate reversion to lifetime historical loss rates. Based on a review of these factors for each loan type, the Company applies an estimated percentage to the outstanding balance of each loan type, excluding any loan that has a specific reserve. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. The following table details activity in the allowance for credit losses on loans by category of loan for the three months ended March 31, 2024 and 2023. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses on loans: Three Months Ended Balance December 31, 2023 $ 87,775 $ 11,380 $ 77,652 $ 88,664 $ 59,832 $ 7,059 $ 332,362 Provision for credit losses on loans ( 5,619 ) 1,270 2,469 ( 1,468 ) 2,067 1,281 — Charge-offs — ( 121 ) ( 461 ) — ( 1,360 ) ( 1,659 ) ( 3,601 ) Recoveries 2 98 4 17 1,077 260 1,458 Net (charge-offs) recoveries 2 ( 23 ) ( 457 ) 17 ( 283 ) ( 1,399 ) ( 2,143 ) Balance March 31, 2024 $ 82,158 $ 12,627 $ 79,664 $ 87,213 $ 61,616 $ 6,941 $ 330,219 Allowance for credit losses on loans: Three Months Ended Balance December 31, 2022 $ 78,853 $ 7,699 $ 60,795 $ 66,272 $ 62,319 $ 5,638 $ 281,576 Provision for credit losses 1,695 356 1,603 1,699 ( 6,495 ) 1,142 — Charge-offs — — ( 65 ) — ( 901 ) ( 1,225 ) ( 2,191 ) Recoveries 13 6 205 1 2,373 208 2,806 Net (charge-offs) recoveries 13 6 140 1 1,472 ( 1,017 ) 615 Balance March 31, 2023 $ 80,561 $ 8,061 $ 62,538 $ 67,972 $ 57,296 $ 5,763 $ 282,191 The allowance for credit losses on loans as of March 31, 2024 totaled $ 330.2 million or 1.55 % of total loans, including acquired loans with discounts, a decrease of $ 2.1 million or 0.6 % compared to the allowance for credit losses on loans totaling $ 332.4 million or 1.57 % of total loans, including acquired loans with discounts, as of December 31, 2023 . There was no provision for credit losses for the three months ended March 31, 2024 and 2023. Net charge-offs were $ 2.1 million for the three months ended March 31, 2024 compared to net recoveries of $ 615 thousand for the three months ended March 31, 2023. Net charge-offs for the three months ended March 31, 2024 included $ 991 thousand related to resolved PCD loans, which had specific reserves that were allocated to the charge-offs. Further, an additional $ 4.1 million of specific reserves on resolved PCD loans without any related charge-offs was released to the general reserve. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures. The allowance for credit losses on off-balance sheet credit exposures estimates expected credit losses over the contractual period in which there is exposure to credit risk via a contractual obligation to extend credit, except when an obligation is unconditionally cancellable by the Company. The allowance is adjusted by provisions for credit losses charged to earnings that increase the allowance, or by provision releases returned to earnings that decrease the allowance. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on the commitments expected to fund. The estimate of commitments expected to fund is affected by historical analysis of utilization rates. The expected credit loss rates applied to the commitments expected to fund are affected by the general valuation allowance utilized for outstanding balances with the same underlying assumptions and drivers. As of March 31, 2024 and December 31, 2023, the Company had $ 36.5 million in allowance for credit losses on off-balance sheet credit exposures. T he allowance for credit losses on off-balance sheet credit exposures is a separate line item on the Company’s consolidated balance sheet. As of March 31, 2024, the Company ha d $ 2.26 billion in commit ments expected to fund. Loan Modifications Made to Borrowers Experiencing Financial Difficulty. The Company evaluates all restructurings, including restructurings for borrowers experiencing financial difficulty, to determine whether they result in a new loan or a continuation of an existing loan. In accordance with ASC Topic 326, “Financial Instruments—Credit Losses” , the Company only establishes a specific reserve for modifications to borrowers experiencing financial difficulty when the loan is identified as impaired. The effect of most modifications of loans made to borrowers who are experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance. The Company adjusts the terms of loans for certain borrowers when it believes such changes will help its customers manage their loan obligations and increase the collectability of the loans. Modifications to borrowers experiencing financial difficulty may include but are not limited to changes in committed loan amount, interest rate, amortization, note maturity, borrower, guarantor, collateral, forbearance, forgiveness of principal or interest, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. The approval of modifications of loans for borrowers experiencing financial difficulty are handled on a case-by-case basis. The following table displays the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, presented by category of loan and type of modification. Term Extension Percentage of Total Loans Held for Investment (Dollars in thousands) Three Months Ended March 31, 2024 Commercial and industrial $ 413 — Agriculture 11,000 0.05 % Total $ 11,413 0.05 % Three Months Ended March 31, 2023 Construction, land development and other land loans $ 4,233 0.02 % Total $ 4,233 0.02 % The following table describes the modifications made to the loans presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023. Term Extension Loan Type Three Months Ended March 31, 2024 Commercial and industrial Modified to a 7 year term Agriculture Modified to a 2 year term Loan Type Three Months Ended March 31, 2023 Construction, land development and other land loans Less than 12-month extension The Company did not have any modified loans that defaulted during the three months ende |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. FAIR VALUE The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair values represent the estimated price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price.” Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. ASC Topic 820, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Fair Value Hierarchy The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The fair value disclosures below represent the Company’s estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding current economic conditions, risk characteristics of the various instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. The following tables present fair values for assets and liabilities measured at fair value on a recurring basis: As of March 31, 2024 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Corporate debt securities $ — $ 15,845 $ — $ 15,845 Collateralized mortgage obligations — 194,806 — 194,806 Mortgage-backed securities — 104,649 — 104,649 Total $ — $ 315,300 $ — $ 315,300 Derivative financial instruments: Interest rate lock commitments $ — $ 256 $ — $ 256 Forward mortgage-backed securities trades — 8 — 8 Loan customer counterparty — — — — Financial institution counterparty — 4,309 — 4,309 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 74 — 74 Loan customer counterparty — 4,330 — 4,330 Financial institution counterparty — — — — As of December 31, 2023 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Corporate debt securities $ — $ 21,787 $ — $ 21,787 Collateralized mortgage obligations — 320,044 — 320,044 Mortgage-backed securities — 96,757 — 96,757 Total available for sale securities $ — $ 438,588 $ — $ 438,588 Derivative financial instruments: Interest rate lock commitments $ — $ 218 $ — $ 218 Forward mortgage-backed securities trades — 1 — 1 Loan customer counterparty — — — — Financial institution counterparty — 3,876 — 3,876 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 161 — 161 Loan customer counterparty — 3,899 — 3,899 Financial institution counterparty — — — — Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These instruments include other real estate owned, repossessed assets, held to maturity debt securities, loans held for sale and impaired loans, which are included as loans held for investment. For the three months ended March 31, 2024 , the Company had additions to other real estate owned of $ 969 thousand of which $ 845 thousand was outstanding as of March 31, 2024. For the three months ended March 31, 2024 , the Company had additions to impaired loans of $ 13.4 million, of which $ 13.4 million was outstanding as of March 31, 2024. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2024 and remained outstanding at March 31, 2024 were not significant. The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of March 31, 2024 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 1,086,444 $ 1,086,444 $ — $ — $ 1,086,444 Federal funds sold 250 250 — — 250 Held to maturity securities 11,985,838 — 10,478,359 — 10,478,359 Loans held for sale 6,380 — 6,380 — 6,380 Loans held for investment, net of allowance 20,063,724 — — 18,465,513 18,465,513 Loans held for investment - Warehouse Purchase Program 864,924 — 864,924 — 864,924 Other real estate owned 2,204 — 2,204 — 2,204 Liabilities Deposits: Noninterest-bearing $ 9,526,535 $ — $ 9,526,535 $ — $ 9,526,535 Interest-bearing 17,648,983 — 17,611,669 — 17,611,669 Other borrowings 3,900,000 — 3,876,545 — 3,876,545 Securities sold under repurchase agreements 261,671 — 261,621 — 261,621 As of December 31, 2023 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 458,153 $ 458,153 $ — $ — $ 458,153 Federal funds sold 260 260 — — 260 Held to maturity securities 12,365,308 — 10,984,598 — 10,984,598 Loans held for sale 5,734 — 5,734 — 5,734 Loans held for investment, net of allowance 20,020,197 — — 18,321,054 18,321,054 Loans held for investment - Warehouse Purchase Program 822,245 — 822,245 — 822,245 Other real estate owned 1,708 — 1,708 — 1,708 Liabilities Deposits: Noninterest-bearing $ 9,776,572 $ — $ 9,776,572 $ — $ 9,776,572 Interest-bearing 17,403,237 — 17,371,523 — 17,371,523 Other borrowings 3,725,000 — 3,725,000 — 3,725,000 Securities sold under repurchase agreements 309,277 — 309,245 — 309,245 The following is a description of the fair value estimates, methods and assumptions that are used by the Company in estimating the fair values of financial instruments. Loans held for sale — Loans held for sale are carried at the lower of cost or estimated fair value. Fair value for consumer mortgages held for sale is based on commitments on hand from investors or prevailing market prices. As such, the Company classifies loans held for sale subjected to nonrecurring fair value adjustments as Level 2. Loans held for investment — The Company does not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value disclosures. The Company’s discounted cash flow calculation to determine fair value considers internal and market-based information such as prepayment risk, cost of funds and liquidity. From time to time, the Company records nonrecurring fair value adjustments to impaired loans to reflect (1) partial write-downs that are based on the observable market price or current appraised value of the collateral, or (2) the full charge-off of the loan carrying value. Where appraisals are not available, estimated cash flows are discounted using a rate commensurate with the credit risk associated with those cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. The Company classifies the estimated fair value of loans held for investment as Level 3. Other real estate owned — Other real estate owned is primarily foreclosed properties securing residential loans and commercial real estate loans. Foreclosed assets are adjusted to fair value less estimated costs to sell upon transfer of the loans to other real estate owned. Subsequently, these assets are carried at the lower of carrying value or fair value less estimated costs to sell. Other real estate carried at fair value based on an observable market price or a current appraised value is classified by the Company as Level 2. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Company classifies the other real estate as Level 3. The fair value estimates presented herein are based on information available to management at March 31, 2024 . Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | 7. GOODWILL AND CORE DEPOSIT INTANGIBLES Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the three months ended March 31, 2024 and the year ended December 31, 2023 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2022 $ 3,231,636 $ 51,348 Less: Amortization — ( 12,676 ) Add: First Bancshares Merger 164,450 25,322 Balance as of December 31, 2023 3,396,086 63,994 Less: Amortization — ( 3,237 ) Add: First Bancshares Merger 316 — Balance as of March 31, 2024 $ 3,396,402 $ 60,757 Goodwill is recorded as of the acquisition date of each entity. The Company may record subsequent adjustments to goodwill for amounts undeterminable at acquisition date, such as deferred taxes and real estate valuations, and therefore the goodwill amounts may change accordingly. The Company initially records the total premium paid on acquisitions as goodwill. After finalizing the valuation, core deposit intangibles are identified and reclassified from goodwill to core deposit intangibles on the balance sheet. This reclassification has no effect on total assets, liabilities, shareholders’ equity, net income or cash flows. Management performs an evaluation annually, and more frequently if a triggering event occurs, of whether any impairment of the goodwill or core deposit intangibles has occurred. If any such impairment is determined, a write-down is recorded. As of March 31, 2024 , there was no impairment recorded on goodwill and core deposit intangibles. The measurement period for the Company to determine the fair value of acquired identifiable assets and assumed liabilities will be at the end of the earlier of (1) twelve months from the date of acquisition or (2) as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the date of acquisition. Core deposit intangibles are being amortized on a non-pro rata basis over their estimated lives, which the Company believes is between 10 and 15 years . Amortization expense related to intangible assets totaled $ 3.2 million and $ 2.4 million for the three months ended March 31, 2024 and 2023 , respectively. The estimated aggregate future amortization expense for core deposit intangibles remaining as of March 31, 2024 is as follows (dollars in thousands): Remaining 2024 $ 9,576 2025 11,409 2026 10,376 2027 9,288 2028 8,288 Thereafter 11,820 Total $ 60,757 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. STOCK–BASED COMPENSATION At March 31, 2024 , Bancshares had one active stock-based incentive compensation plan with awards outstanding. On March 3, 2020, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2020 Stock Incentive Plan (the “2020 Plan”), which was approved by Bancshares' shareholders on April 21, 2020. The 2020 Plan authorizes the issuance of up to 2,500,000 shares of common stock upon the exercise of options or pursuant to the grant or exercise, as the case may be, of other awards granted under the 2020 Plan, including incentive stock options, nonqualified stock options, stock appreciation rights, shares of restricted stock and restricted stock units. As of March 31, 2024 , 406,757 shares of restricted common stock have vested and 540,297 shares of unvested restricted stock have been issued under the 2020 Plan. As of March 31, 2024 , the Company had no stock options outstanding. Stock-based compensation expense related to restricted stock was $ 3.4 million and $ 3.2 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 , there was $ 28.0 million of total unrecognized compensation expense related to stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.95 years. |
Contractual Obligations and Off
Contractual Obligations and Off-Balance Sheet Items | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations and Off-Balance Sheet Items | 9. CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ITEMS Contractual Obligations The Company’s contractual obligations and other commitments to make future payments (other than deposit obligations and securities sold under repurchase agreements) as of March 31, 2024 are summarized below. The Company’s future cash payments associated with its contractual obligations pursuant to the Federal Reserve’s Bank Term Funding Program (“BTFP”) as of March 31, 2024 are summarized below. The future interest payments were calculated using the current rate in effect at March 31, 2024 . Payments under the BTFP include interest of $ 186.1 million that will be due over the future periods. These payments do not include prepayment options that may be available to the Company. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Bank Term Funding Program $ 4,086,149 $ — $ — $ — $ 4,086,149 Leases The Company’s leases relate primarily to operating leases for office space and banking centers. The Company determines if an arrangement is a lease or contains a lease at inception. The Company’s leases have remaining lease terms of 1 to 15 years , which may include the option to extend the lease when it is reasonably certain for the Company to exercise that option. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental collateralized borrowing rate to determine the present value of lease payments. Short-term leases and leases with variable lease costs are immaterial and the Company has one sublease arrangement. Sublease income was $ 869 thousand and $ 806 thousand for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 , operating lease ROU assets and lease liabilities were approximately $ 36.8 million. ROU assets and lease liabilities were classified as other assets and other liabilities, respectively. As of March 31, 2024 , the weighted average of remaining lease terms of the Company’s operating leases was 5.7 years. The weighted average discount rate used to determine the lease liabilities as of March 31, 2024 for the Company’s operating leases was 2.9 %. Cash paid for the Company’s operating leases was $ 2.9 million and $ 2.8 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 , the Company obtained $ 2.1 million in ROU assets in exchange for lease liabilities for one operating lease. The Company’s future undiscounted cash payments associated with its operating leases as of March 31, 2024 are summarized below (dollars in thousands). Remaining 2024 $ 7,877 2025 10,005 2026 8,865 2027 5,849 2028 2,873 2029 1,541 Thereafter 8,327 Total undiscounted lease payments $ 45,337 Off-Balance Sheet Items In the normal course of business, the Company enters into various transactions that, in accordance with GAAP, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s commitments associated with outstanding standby letters of credit, unused capacity on Warehouse Purchase Program loans and commitments to extend credit expiring by period as of March 31, 2024 are summarized below. Since commitments associated with letters of credit, unused capacity of Warehouse Purchase Program loans and commitments to extend credit may expire unused, the amounts shown may not necessarily reflect the actual future cash funding requirements. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 62,745 $ 18,559 $ 2,445 $ 26 $ 83,775 Unused capacity on Warehouse Purchase Program loans 1,058,576 — — — 1,058,576 Commitments to extend credit 1,489,941 1,020,761 296,869 1,623,299 4,430,870 Total $ 2,611,262 $ 1,039,320 $ 299,314 $ 1,623,325 $ 5,573,221 The Company records an allowance for credit losses on off-balance sheet credit exposure that is adjusted through a charge to provision for credit losses on the Company’s consolidated statement of income. At March 31, 2024 and December 31, 2023 , this allowance, reported as a separate line item on the Company’s consolidated balance sheet, totaled $ 36.5 million. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | 10. OTHER COMPREHENSIVE (LOSS) INCOME The tax effects allocated to each component of other comprehensive (loss) income were as follows: Three Months Ended March 31, 2024 2023 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized loss during period $ ( 1,184 ) $ 249 $ ( 935 ) $ ( 4 ) $ 1 $ ( 3 ) Total securities available for sale ( 1,184 ) 249 ( 935 ) ( 4 ) 1 ( 3 ) Total other comprehensive loss $ ( 1,184 ) $ 249 $ ( 935 ) $ ( 4 ) $ 1 $ ( 3 ) Activity in accumulated other comprehensive loss associated with securities available for sale, net of tax, was as follows: Securities Available Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2023 $ ( 1,398 ) $ ( 1,398 ) Other comprehensive loss ( 935 ) ( 935 ) Balance at March 31, 2024 $ ( 2,333 ) $ ( 2,333 ) Balance at December 31, 2022 $ ( 3,473 ) $ ( 3,473 ) Other comprehensive loss ( 3 ) ( 3 ) Balance at March 31, 2023 $ ( 3,476 ) $ ( 3,476 ) |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS The following table provides the outstanding notional balances and fair values of outstanding derivative positions at March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Outstanding Asset Liability Derivative Outstanding Asset Liability Derivative (Dollars in thousands) Interest rate lock commitments $ 15,693 $ 256 $ — $ 7,113 $ 218 $ — Forward mortgage-backed securities trades 20,500 8 74 14,250 1 161 Commercial loan interest rate swaps and caps: Loan customer counterparty 67,207 — 4,330 67,408 — 3,899 Financial institution counterparty 67,207 4,309 — 67,408 3,876 — These financial instruments are not designated as hedging instruments and are used for asset and liability management and commercial customers’ financing needs. All derivatives are carried at fair value in either other assets or other liabilities, and all related cash flows are reported in the operating section of the consolidated statements of cash flows. Interest rate lock commitments (“IRLCs”) — In the normal course of business, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Forward mortgage-backed securities trades — The Company manages the changes in fair value associated with changes in interest rates related to IRLCs by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made. Interest rate swaps and caps — These derivative positions relate to transactions in which the Company enters into an interest rate swap or cap with a customer, while at the same time entering into an offsetting interest rate swap or cap with another financial institution. An interest rate swap transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution a similar fixed interest rate on the same notional amount and receive substantially the same variable interest rate on the same notional amount. In connection with each interest rate cap, the Company sells a cap to the customer and agrees to pay interest if the underlying index exceeds the strike price defined in the cap agreement. Simultaneously the Company purchases a cap with matching terms from another financial institution that agrees to pay the Company if the underlying index exceeds the strike price. The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding at March 31, 2024 and December 31, 2023 are presented in the following table. Weighted-Average Interest Rate March 31, 2024 December 31, 2023 Received Paid Received Paid Loan customer counterparty 3.07 % 6.78 % 3.07 % 6.81 % The Company’s credit exposure on interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $ 4.3 million at March 31, 2024 and $ 3.9 million at December 31, 2023 . This credit exposure is partly mitigated as transactions with customers are secured by the collateral, if any, securing the underlying transaction being hedged. The Company’s credit exposure, net of collateral pledged, relating to interest rate swaps with upstream financial institution counterparties was $ 280 thousand at March 31, 2024 . A credit support annex is in place and allows the Company to call collateral from upstream financial institution counterparties. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. The Company’s cash collateral pledged for interest rate swaps was zero at March 31, 2024 and December 31, 2023. The initial and subsequent changes in the fair value of IRLCs and the forward sales of mortgage-backed securities are recorded in net gain on sale of mortgage loans. These gains and losses were not attributable to instrument-specific credit risk. For interest rate swaps and caps, because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on its results of operations. Income (loss) for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, Derivatives not designated as hedging instruments 2024 2023 (Dollars in thousands) Interest rate lock commitments $ 38 $ 30 Forward mortgage-backed securities trades 196 ( 50 ) |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | 12. ACQUISITIONS Merger of First Bancshares of Texas, Inc. — Effective May 1, 2023, the Company completed the Merger of First Bancshares of Texas, Inc. (“First Bancshares”) into Bancshares and the subsequent merger of its wholly owned subsidiary, FirstCapital Bank of Texas, N.A. (“FirstCapital Bank”), into the Bank. FirstCapital Bank operated 16 full-service banking offices in six different markets in West, North and Central Texas areas, including its main office in Midland, and banking offices in Midland, Lubbock, Amarillo, Wichita Falls, Burkburnett, Byers, Henrietta, Dallas, Horseshoe Bay, Marble Falls and Fredericksburg, Texas. As of March 31, 2023, First Bancshares, on a consolidated basis, reported total assets of $ 2.14 billion, total loans of $ 1.65 billion and total deposits of $ 1.71 billion. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. Pursuant to the terms of the definitive agreement, Bancshares issued 3,583,370 shares of its common stock p lus approximately $ 91.5 million in cash for all outstanding shares of First Bancshares. As of March 31, 2024, the Company recognized goodwill of $ 164.8 million, w hich does not include all the subsequent fair value adjustments that have not yet been finalized. Goodwill represents the excess of the total purchase price paid over the fair value of the assets acquired, net of the fair value of liabilities assumed. During the second quarter of 2023, the Company completed the operational conversion of FirstCapital Bank. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | 13. SUBSEQUENT EVENT Merger of Lone Star State Bancshares, Inc. — Effective April 1, 2024, the Company completed the merger of Lone Star State Bancshares, Inc. (“Lone Star”) into Bancshares and the subsequent merger of its wholly owned subsidiary Lone Star State Bank of West Texas (“Lone Star Bank”), into the Bank. Lone Star operated five banking centers in the West Texas area, including its main office in Lubbock, and one banking center in each of Brownfield, Midland, Odessa and Big Spring, Texas. As of March 31, 2024, Lone Star, on a consolidated basis, reported total assets of $ 1.38 billion, total loans of $ 1.08 billion and total deposits of $ 1.24 billion. Under the terms of the definitive agreement, Bancshares issued 2,376,182 shares of its common stock plus approximately $ 64.1 million in cash for all outstanding shares of Lone Star in the second quarter of 2024. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Updates (''ASU'') | Accounting Standards Updates (“ASU”) ASU 2024-01, Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. ASU 2024-01 clarifies the scope application of profits interest and similar awards by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718 , “ Compensation — Stock Compensation .” However, this amendment does not change the intent of that guidance, nor how it should be applied. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. The Company does not expect ASU 2024-01 to have a significant impact on its financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income. ASU 2023-09 focuses on the rate reconciliation and income taxes paid and requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5 % of total income tax payments, net of refunds received. For public business entities the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company does not expect ASU 2023-09 to have an impact on its financial statements. ASU 2023-07, Segment Reporting (Topic 280)—Improvement to Reportable Segment Disclosures . ASU 2023-07 amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect ASU 2023-07 to have a significant impact on its financial statements. ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 amends the FASB Accounting Standards Codification to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not expect ASU 2023-06 to have a significant impact on its financial statements. ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in ASU 2022-02 eliminated the accounting guidance for troubled debt restructurings and enhanced disclosures for certain loan refinancing and restructurings to borrowers experiencing financial difficulty. This guidance was applied on a prospective basis. Additionally, ASU 2022-02 requires entities to disclose current-period gross charge-offs by year of origination. ASU 2022-02 became effective for the Company on January 1, 2023 and did not have a significant impact on the Company’s financial statements. |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 110,426 $ 124,694 Basic: Weighted average shares outstanding 93,706 $ 1.18 91,207 $ 1.37 Diluted: Weighted average shares outstanding 93,706 $ 1.18 91,207 $ 1.37 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities were as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Corporate debt securities $ 14,350 $ 1,830 $ ( 335 ) $ 15,845 Collateralized mortgage obligations 198,180 — ( 3,374 ) 194,806 Mortgage-backed securities 105,723 58 ( 1,132 ) 104,649 Total $ 318,253 $ 1,888 $ ( 4,841 ) $ 315,300 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,691 $ — $ ( 107 ) $ 7,584 States and political subdivisions 111,699 764 ( 2,581 ) 109,882 Corporate debt securities 12,000 — ( 3,840 ) 8,160 Collateralized mortgage obligations 256,216 — ( 25,076 ) 231,140 Mortgage-backed securities 11,598,232 388 ( 1,477,027 ) 10,121,593 Total $ 11,985,838 $ 1,152 $ ( 1,508,631 ) $ 10,478,359 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Corporate debt securities $ 20,698 $ 1,827 $ ( 738 ) $ 21,787 Collateralized mortgage obligations 321,881 967 ( 2,804 ) 320,044 Mortgage-backed securities 97,779 96 ( 1,118 ) 96,757 Total $ 440,358 $ 2,890 $ ( 4,660 ) $ 438,588 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,631 $ — $ ( 52 ) $ 7,579 States and political subdivisions 116,497 1,864 ( 2,306 ) 116,055 Corporate debt securities 12,000 — ( 4,200 ) 7,800 Collateralized mortgage obligations 263,250 — ( 20,864 ) 242,386 Mortgage-backed securities 11,965,930 2,131 ( 1,357,283 ) 10,610,778 Total $ 12,365,308 $ 3,995 $ ( 1,384,705 ) $ 10,984,598 |
Securities in Continuous Loss Position | Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: March 31, 2024 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Corporate debt securities $ 5,265 $ ( 335 ) $ — $ — $ 5,265 $ ( 335 ) Collateralized mortgage obligations 58,266 ( 874 ) 136,540 ( 2,500 ) 194,806 ( 3,374 ) Mortgage-backed securities 10,043 ( 60 ) 91,458 ( 1,072 ) 101,501 ( 1,132 ) Total $ 73,574 $ ( 1,269 ) $ 227,998 $ ( 3,572 ) $ 301,572 $ ( 4,841 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,583 $ ( 107 ) $ — $ — $ 7,583 $ ( 107 ) States and political subdivisions 14,877 ( 68 ) 54,906 ( 2,513 ) 69,783 ( 2,581 ) Corporate debt securities — — 8,160 ( 3,840 ) 8,160 ( 3,840 ) Collateralized mortgage obligations 47,876 ( 1,261 ) 183,228 ( 23,815 ) 231,104 ( 25,076 ) Mortgage-backed securities 147,256 ( 1,836 ) 9,900,482 ( 1,475,191 ) 10,047,738 ( 1,477,027 ) Total $ 217,592 $ ( 3,272 ) $ 10,146,776 $ ( 1,505,359 ) $ 10,364,368 $ ( 1,508,631 ) December 31, 2023 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Corporate debt securities $ 7,300 $ ( 738 ) $ — $ — $ 7,300 $ ( 738 ) Collateralized mortgage obligations 54,611 ( 729 ) 114,758 ( 2,075 ) 169,369 ( 2,804 ) Mortgage-backed securities 1,154 ( 13 ) 92,211 ( 1,105 ) 93,365 ( 1,118 ) Total $ 63,065 $ ( 1,480 ) $ 206,969 $ ( 3,180 ) $ 270,034 $ ( 4,660 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 7,580 $ ( 52 ) $ — $ — $ 7,580 $ ( 52 ) States and political subdivisions 23,085 ( 79 ) 41,039 ( 2,227 ) 64,124 ( 2,306 ) Corporate debt securities — — 7,800 ( 4,200 ) 7,800 ( 4,200 ) Collateralized mortgage obligations 50,147 ( 470 ) 192,205 ( 20,394 ) 242,352 ( 20,864 ) Mortgage-backed securities 52,853 ( 807 ) 10,354,514 ( 1,356,476 ) 10,407,367 ( 1,357,283 ) Total $ 133,665 $ ( 1,408 ) $ 10,595,558 $ ( 1,383,297 ) $ 10,729,223 $ ( 1,384,705 ) |
Investment Securities by Contractual Maturity | The table below summarizes the amortized cost and fair value of investment securities at March 31, 2024, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 27,214 $ 27,560 $ — $ — Due after one year through five years 45,853 45,608 — — Due after five years through ten years 46,427 41,573 14,350 15,845 Due after ten years 11,896 10,885 — — Subtotal 131,390 125,626 14,350 15,845 Mortgage-backed securities and collateralized mortgage obligations 11,854,448 10,352,733 303,903 299,455 Total $ 11,985,838 $ 10,478,359 $ 318,253 $ 315,300 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Types of Loans in Loan Portfolio | The loan portfolio consists of various types of loans and is categorized by major type as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Residential mortgage loans held for sale $ 6,380 $ 5,734 Commercial and industrial 2,470,848 2,305,040 Real estate: Construction, land development and other land loans 2,876,588 3,076,591 1-4 family residential (includes home equity) 8,275,040 8,162,344 Commercial real estate (includes multi-family residential) 5,631,460 5,662,948 Farmland 590,896 598,898 Agriculture 222,196 217,145 Consumer and other 326,915 329,593 Total loans held for investment, excluding Warehouse Purchase Program 20,393,943 20,352,559 Warehouse Purchase Program 864,924 822,245 Total loans, including Warehouse Purchase Program $ 21,265,247 $ 21,180,538 |
Related Party Loans | An analysis of activity with respect to these related party loans is as follows: As of and for the As of and for the 31, 2023 (Dollars in thousands) Beginning balance on January 1 $ 292 $ 547 New loans 1 64 Repayments ( 3 ) ( 319 ) Ending balance $ 290 $ 292 |
Aging Analysis of Past Due Loans | An aging analysis of past due loans, segregated by category of loan, is presented below: March 31, 2024 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 17,078 $ — $ 17,078 $ 14,749 $ 2,844,761 $ 2,876,588 Warehouse Purchase Program loans — — — — 864,924 864,924 Agriculture and agriculture real estate (includes farmland) 3,672 428 4,100 3,286 805,706 813,092 1-4 family (includes home equity) (1) 37,462 — 37,462 29,464 8,214,494 8,281,420 Commercial real estate (includes multi-family residential) 13,036 2,417 15,453 21,303 5,594,704 5,631,460 Commercial and industrial 20,715 190 20,905 9,542 2,440,401 2,470,848 Consumer and other 432 — 432 131 326,352 326,915 Total $ 92,395 $ 3,035 $ 95,430 $ 78,475 $ 21,091,342 $ 21,265,247 December 31, 2023 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 21,627 $ 1,635 $ 23,262 $ 14,770 $ 3,038,559 $ 3,076,591 Warehouse Purchase Program loans — — — — 822,245 822,245 Agriculture and agriculture real estate (includes farmland) 8,572 — 8,572 1,460 806,011 816,043 1-4 family (includes home equity) (1) 38,350 130 38,480 25,694 8,103,904 8,168,078 Commercial real estate (includes multi-family residential) 23,511 — 23,511 18,662 5,620,775 5,662,948 Commercial and industrial 14,782 430 15,212 8,066 2,281,762 2,305,040 Consumer and other 503 — 503 36 329,054 329,593 Total $ 107,345 $ 2,195 $ 109,540 $ 68,688 $ 21,002,310 $ 21,180,538 (1) Includes $ 6.4 million and $ 5.7 million of residential mortgage loans held for sale at March 31, 2024 and December 31, 2023 , respectively. |
Non-performing Assets | The following table presents information regarding nonperforming assets as of the dates indicated: March 31, 2024 December 31, 2023 (Dollars in thousands) Nonaccrual loans (1) (2) $ 78,475 $ 68,688 Accruing loans 90 or more days past due 3,035 2,195 Total nonperforming loans 81,510 70,883 Repossessed assets 97 76 Other real estate 2,204 1,708 Total nonperforming assets $ 83,811 $ 72,667 Nonperforming assets to total loans and other real estate 0.39 % 0.34 % Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate 0.41 % 0.36 % Nonaccrual loans to total loans 0.37 % 0.32 % Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans 0.38 % 0.34 % (1) ASU 2022-02 became effective for the Company on January 1, 2023. (2) There were no nonperforming Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Recorded Investment and Outstanding Balance for Purchased Credit Deteriorated Loans and Non Purchased Credit Deteriorated Loans | The recorded investment in PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 (Dollars in thousands) PCD loans: Outstanding balance $ 495,074 $ 533,653 Discount ( 7,361 ) ( 7,914 ) Recorded investment $ 487,713 $ 525,739 The recorded investment in Non-PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 (Dollars in thousands) Non-PCD loans: Outstanding balance $ 1,676,563 $ 1,823,809 Discount ( 18,681 ) ( 19,992 ) Recorded investment $ 1,657,882 $ 1,803,817 |
Summary of Changes in Accretable Yields of Acquired Loans | Changes in the accretable yield for acquired PCD loans for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Balance at beginning of period $ 7,914 $ 3,361 Accretion charge-offs ( 5 ) — Accretion ( 548 ) ( 339 ) Balance at March 31, $ 7,361 $ 3,022 Changes in the discount accretion for Non-PCD loans for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Balance at beginning of period $ 19,992 $ 2,233 Accretion recoveries 1 — Accretion ( 1,312 ) ( 532 ) Balance at March 31, $ 18,681 $ 1,701 |
Risk Grade by Category of Loan and Year of Origination/Renewal | The following tables present loans by risk grade, by category of loan and year of origination/renewal at March 31, 2024. Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Construction, Land Development and Other Land Loans Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — 1,106 166 — — 14 — — 1,286 Grade 3 103,359 745,828 696,969 364,477 215,354 57,308 119,072 — 2,302,367 Grade 4 3,478 83,562 146,216 42,544 5,572 26,944 30,782 — 339,098 Grade 5 — — 1,357 — 23,373 15,796 769 — 41,295 Grade 6 — 570 — 7,698 184 561 — — 9,013 Grade 7 — 183 2,647 343 — 242 248 — 3,663 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 1,218 29,616 98,450 15,171 7,649 7,371 20,391 — 179,866 Total $ 108,055 $ 860,865 $ 945,805 $ 430,233 $ 252,132 $ 108,236 $ 171,262 $ — $ 2,876,588 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agriculture and Agriculture Real Estate (includes Farmland) Grade 1 $ 720 $ 1,179 $ 1,231 $ 172 $ 252 $ 369 $ 8,590 $ — $ 12,513 Grade 2 — 13 60 101 — 722 46 — 942 Grade 3 20,051 126,212 168,180 76,630 47,924 118,858 102,641 94 660,590 Grade 4 3,436 21,435 19,644 25,993 4,122 9,589 21,807 — 106,026 Grade 5 725 57 799 885 — 1,143 — — 3,609 Grade 6 — — — 78 — 1,195 — — 1,273 Grade 7 — — 1,469 558 339 29 — — 2,395 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 1,986 2,532 1,345 14,558 2,630 2,693 — 25,744 Total $ 24,932 $ 150,882 $ 193,915 $ 105,762 $ 67,195 $ 134,535 $ 135,777 $ 94 $ 813,092 Current-period gross write-offs $ — $ — $ — $ — $ — $ 121 $ — $ — $ 121 1-4 Family (includes Home Equity) (1) Grade 1 $ — $ 74 $ 153 $ — $ 109 $ — $ — $ — $ 336 Grade 2 — 526 1,243 153 236 2,602 — — 4,760 Grade 3 109,256 1,172,870 2,253,123 2,140,728 1,021,887 1,310,779 91,597 2,757 8,102,997 Grade 4 1,178 15,265 15,813 25,722 5,681 64,138 2,871 204 130,872 Grade 5 — — 1,206 — 119 2,517 — — 3,842 Grade 6 — — 357 41 19 1,840 — — 2,257 Grade 7 — 1,744 7,554 5,304 4,433 9,293 95 — 28,423 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 625 4,243 475 469 2,121 — — 7,933 Total $ 110,434 $ 1,191,104 $ 2,283,692 $ 2,172,423 $ 1,032,953 $ 1,393,290 $ 94,563 $ 2,961 $ 8,281,420 Current-period gross write-offs $ — $ — $ 389 $ — $ 33 $ 39 $ — $ — $ 461 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate (includes Multi-Family Residential) Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — 1,128 — 459 2,232 — — 3,819 Grade 3 50,492 403,245 908,841 680,193 405,589 1,246,771 77,627 4,591 3,777,349 Grade 4 2,667 43,104 262,140 172,287 217,796 716,336 15,857 — 1,430,187 Grade 5 — 192 2,538 4,771 — 89,422 2,355 — 99,278 Grade 6 — — — 356 11,451 76,088 — — 87,895 Grade 7 — 1,693 827 2,464 — 806 — — 5,790 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 540 13,613 53,166 49,281 38,547 71,666 329 — 227,142 Total $ 53,699 $ 461,847 $ 1,228,640 $ 909,352 $ 673,842 $ 2,203,321 $ 96,168 $ 4,591 $ 5,631,460 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and Industrial Grade 1 $ 6,392 $ 15,267 $ 9,372 $ 6,418 $ 2,811 $ 6,188 $ 41,360 $ 176 $ 87,984 Grade 2 — 695 7,799 219 195 3,651 2,295 — 14,854 Grade 3 211,874 206,299 222,945 147,665 49,661 187,230 910,134 30,276 1,966,084 Grade 4 20,633 44,614 30,936 14,641 11,286 110,319 65,063 2,222 299,714 Grade 5 — 17 21,827 6,057 1,666 788 8,200 100 38,655 Grade 6 413 311 3,898 615 354 962 2,390 — 8,943 Grade 7 — 3,900 420 195 1,268 1,416 457 — 7,656 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 3,689 14,070 3,637 661 2,439 22,462 — 46,958 Total $ 239,312 $ 274,792 $ 311,267 $ 179,447 $ 67,902 $ 312,993 $ 1,052,361 $ 32,774 $ 2,470,848 Current-period gross write-offs $ — $ 53 $ 349 $ 39 $ — $ 24 $ 895 $ — $ 1,360 Consumer and Other Grade 1 $ 4,614 $ 12,520 $ 5,465 $ 2,813 $ 1,681 $ 5,914 $ 2,588 $ — $ 35,595 Grade 2 6,132 12,406 14,181 — — 1,839 1,507 — 36,065 Grade 3 24,054 40,317 38,129 24,769 11,901 17,352 75,004 11 231,537 Grade 4 — 1,748 257 1,105 15,259 2,255 2,865 — 23,489 Grade 5 — — — — — — — — — Grade 6 — — 31 5 — — — — 36 Grade 7 — — — — 122 1 — — 123 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — 34 7 15 14 — 70 Total $ 34,800 $ 66,991 $ 58,063 $ 28,726 $ 28,970 $ 27,376 $ 81,978 $ 11 $ 326,915 Current-period gross write-offs $ 1,470 $ 20 $ 17 $ 24 $ — $ 70 $ 58 $ — $ 1,659 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Warehouse Purchase Program Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — — — — — Grade 3 864,924 — — — — — — — 864,924 Grade 4 — — — — — — — — — Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — — — — — Total $ 864,924 $ — $ — $ — $ — $ — $ — $ — $ 864,924 Current-period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total Grade 1 $ 11,726 $ 29,040 $ 16,221 $ 9,403 $ 4,853 $ 12,471 $ 52,538 $ 176 $ 136,428 Grade 2 6,132 14,746 24,577 473 890 11,060 3,848 — 61,726 Grade 3 1,384,010 2,694,771 4,288,187 3,434,462 1,752,316 2,938,298 1,376,075 37,729 17,905,848 Grade 4 31,392 209,728 475,006 282,292 259,716 929,581 139,245 2,426 2,329,386 Grade 5 725 266 27,727 11,713 25,158 109,666 11,324 100 186,679 Grade 6 413 881 4,286 8,793 12,008 80,646 2,390 — 109,417 Grade 7 — 7,520 12,917 8,864 6,162 11,787 800 — 48,050 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans 1,758 49,529 172,461 69,943 61,891 86,242 45,889 — 487,713 Total $ 1,436,156 $ 3,006,481 $ 5,021,382 $ 3,825,943 $ 2,122,994 $ 4,179,751 $ 1,632,109 $ 40,431 $ 21,265,247 Current-period gross write-offs $ 1,470 $ 73 $ 755 $ 63 $ 33 $ 254 $ 953 $ — $ 3,601 (1) Includes $ 6.4 million of residential mortgage loans held for sale at March 31, 2024 . |
Allowance for Credit Losses on Loans by Category of Loan | The following table details activity in the allowance for credit losses on loans by category of loan for the three months ended March 31, 2024 and 2023. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses on loans: Three Months Ended Balance December 31, 2023 $ 87,775 $ 11,380 $ 77,652 $ 88,664 $ 59,832 $ 7,059 $ 332,362 Provision for credit losses on loans ( 5,619 ) 1,270 2,469 ( 1,468 ) 2,067 1,281 — Charge-offs — ( 121 ) ( 461 ) — ( 1,360 ) ( 1,659 ) ( 3,601 ) Recoveries 2 98 4 17 1,077 260 1,458 Net (charge-offs) recoveries 2 ( 23 ) ( 457 ) 17 ( 283 ) ( 1,399 ) ( 2,143 ) Balance March 31, 2024 $ 82,158 $ 12,627 $ 79,664 $ 87,213 $ 61,616 $ 6,941 $ 330,219 Allowance for credit losses on loans: Three Months Ended Balance December 31, 2022 $ 78,853 $ 7,699 $ 60,795 $ 66,272 $ 62,319 $ 5,638 $ 281,576 Provision for credit losses 1,695 356 1,603 1,699 ( 6,495 ) 1,142 — Charge-offs — — ( 65 ) — ( 901 ) ( 1,225 ) ( 2,191 ) Recoveries 13 6 205 1 2,373 208 2,806 Net (charge-offs) recoveries 13 6 140 1 1,472 ( 1,017 ) 615 Balance March 31, 2023 $ 80,561 $ 8,061 $ 62,538 $ 67,972 $ 57,296 $ 5,763 $ 282,191 |
Schedule of Amortized Cost of Loans Experiencing Financial Difficulty and Modified | The following table displays the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, presented by category of loan and type of modification. Term Extension Percentage of Total Loans Held for Investment (Dollars in thousands) Three Months Ended March 31, 2024 Commercial and industrial $ 413 — Agriculture 11,000 0.05 % Total $ 11,413 0.05 % Three Months Ended March 31, 2023 Construction, land development and other land loans $ 4,233 0.02 % Total $ 4,233 0.02 % |
Schedule of Loan Modifications | The following table describes the modifications made to the loans presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023. Term Extension Loan Type Three Months Ended March 31, 2024 Commercial and industrial Modified to a 7 year term Agriculture Modified to a 2 year term Loan Type Three Months Ended March 31, 2023 Construction, land development and other land loans Less than 12-month extension |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present fair values for assets and liabilities measured at fair value on a recurring basis: As of March 31, 2024 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Corporate debt securities $ — $ 15,845 $ — $ 15,845 Collateralized mortgage obligations — 194,806 — 194,806 Mortgage-backed securities — 104,649 — 104,649 Total $ — $ 315,300 $ — $ 315,300 Derivative financial instruments: Interest rate lock commitments $ — $ 256 $ — $ 256 Forward mortgage-backed securities trades — 8 — 8 Loan customer counterparty — — — — Financial institution counterparty — 4,309 — 4,309 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 74 — 74 Loan customer counterparty — 4,330 — 4,330 Financial institution counterparty — — — — As of December 31, 2023 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Corporate debt securities $ — $ 21,787 $ — $ 21,787 Collateralized mortgage obligations — 320,044 — 320,044 Mortgage-backed securities — 96,757 — 96,757 Total available for sale securities $ — $ 438,588 $ — $ 438,588 Derivative financial instruments: Interest rate lock commitments $ — $ 218 $ — $ 218 Forward mortgage-backed securities trades — 1 — 1 Loan customer counterparty — — — — Financial institution counterparty — 3,876 — 3,876 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 161 — 161 Loan customer counterparty — 3,899 — 3,899 Financial institution counterparty — — — — |
Summary of Carrying and Fair Value Information of Financial Instruments | The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of March 31, 2024 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 1,086,444 $ 1,086,444 $ — $ — $ 1,086,444 Federal funds sold 250 250 — — 250 Held to maturity securities 11,985,838 — 10,478,359 — 10,478,359 Loans held for sale 6,380 — 6,380 — 6,380 Loans held for investment, net of allowance 20,063,724 — — 18,465,513 18,465,513 Loans held for investment - Warehouse Purchase Program 864,924 — 864,924 — 864,924 Other real estate owned 2,204 — 2,204 — 2,204 Liabilities Deposits: Noninterest-bearing $ 9,526,535 $ — $ 9,526,535 $ — $ 9,526,535 Interest-bearing 17,648,983 — 17,611,669 — 17,611,669 Other borrowings 3,900,000 — 3,876,545 — 3,876,545 Securities sold under repurchase agreements 261,671 — 261,621 — 261,621 As of December 31, 2023 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 458,153 $ 458,153 $ — $ — $ 458,153 Federal funds sold 260 260 — — 260 Held to maturity securities 12,365,308 — 10,984,598 — 10,984,598 Loans held for sale 5,734 — 5,734 — 5,734 Loans held for investment, net of allowance 20,020,197 — — 18,321,054 18,321,054 Loans held for investment - Warehouse Purchase Program 822,245 — 822,245 — 822,245 Other real estate owned 1,708 — 1,708 — 1,708 Liabilities Deposits: Noninterest-bearing $ 9,776,572 $ — $ 9,776,572 $ — $ 9,776,572 Interest-bearing 17,403,237 — 17,371,523 — 17,371,523 Other borrowings 3,725,000 — 3,725,000 — 3,725,000 Securities sold under repurchase agreements 309,277 — 309,245 — 309,245 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the three months ended March 31, 2024 and the year ended December 31, 2023 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2022 $ 3,231,636 $ 51,348 Less: Amortization — ( 12,676 ) Add: First Bancshares Merger 164,450 25,322 Balance as of December 31, 2023 3,396,086 63,994 Less: Amortization — ( 3,237 ) Add: First Bancshares Merger 316 — Balance as of March 31, 2024 $ 3,396,402 $ 60,757 |
Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles | The estimated aggregate future amortization expense for core deposit intangibles remaining as of March 31, 2024 is as follows (dollars in thousands): Remaining 2024 $ 9,576 2025 11,409 2026 10,376 2027 9,288 2028 8,288 Thereafter 11,820 Total $ 60,757 |
Contractual Obligations and O_2
Contractual Obligations and Off-Balance Sheet Items (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Cash Payments Associated with Contractual Obligations Pursuant to Subordinated Debentures, Federal Reserve's Bank Term Funding Program and Federal Home Loan Bank Advances | The Company’s future cash payments associated with its contractual obligations pursuant to the Federal Reserve’s Bank Term Funding Program (“BTFP”) as of March 31, 2024 are summarized below. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Bank Term Funding Program $ 4,086,149 $ — $ — $ — $ 4,086,149 |
Future Undiscounted Cash Payments Associated with its Operating Leases | The Company’s future undiscounted cash payments associated with its operating leases as of March 31, 2024 are summarized below (dollars in thousands). Remaining 2024 $ 7,877 2025 10,005 2026 8,865 2027 5,849 2028 2,873 2029 1,541 Thereafter 8,327 Total undiscounted lease payments $ 45,337 |
Summary of Commitments Associated with Outstanding Standby Letters of Credit, Unused Capacity on Warehouse Purchase Program Loans and Commitments to Extend Credit | The Company’s commitments associated with outstanding standby letters of credit, unused capacity on Warehouse Purchase Program loans and commitments to extend credit expiring by period as of March 31, 2024 are summarized below. Since commitments associated with letters of credit, unused capacity of Warehouse Purchase Program loans and commitments to extend credit may expire unused, the amounts shown may not necessarily reflect the actual future cash funding requirements. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 62,745 $ 18,559 $ 2,445 $ 26 $ 83,775 Unused capacity on Warehouse Purchase Program loans 1,058,576 — — — 1,058,576 Commitments to extend credit 1,489,941 1,020,761 296,869 1,623,299 4,430,870 Total $ 2,611,262 $ 1,039,320 $ 299,314 $ 1,623,325 $ 5,573,221 |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Tax Effects Allocated to Each Component of Other Comprehensive (Loss) Income | The tax effects allocated to each component of other comprehensive (loss) income were as follows: Three Months Ended March 31, 2024 2023 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized loss during period $ ( 1,184 ) $ 249 $ ( 935 ) $ ( 4 ) $ 1 $ ( 3 ) Total securities available for sale ( 1,184 ) 249 ( 935 ) ( 4 ) 1 ( 3 ) Total other comprehensive loss $ ( 1,184 ) $ 249 $ ( 935 ) $ ( 4 ) $ 1 $ ( 3 ) |
Activity in Accumulated Other Comprehensive Loss Associated with Securities Available for Sale, Net of Tax | Activity in accumulated other comprehensive loss associated with securities available for sale, net of tax, was as follows: Securities Available Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2023 $ ( 1,398 ) $ ( 1,398 ) Other comprehensive loss ( 935 ) ( 935 ) Balance at March 31, 2024 $ ( 2,333 ) $ ( 2,333 ) Balance at December 31, 2022 $ ( 3,473 ) $ ( 3,473 ) Other comprehensive loss ( 3 ) ( 3 ) Balance at March 31, 2023 $ ( 3,476 ) $ ( 3,476 ) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Balances and Fair Value of Derivative Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions at March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 Outstanding Asset Liability Derivative Outstanding Asset Liability Derivative (Dollars in thousands) Interest rate lock commitments $ 15,693 $ 256 $ — $ 7,113 $ 218 $ — Forward mortgage-backed securities trades 20,500 8 74 14,250 1 161 Commercial loan interest rate swaps and caps: Loan customer counterparty 67,207 — 4,330 67,408 — 3,899 Financial institution counterparty 67,207 4,309 — 67,408 3,876 — |
Schedule of Weighted Average Received and Paid Interest Rates for Interest Rate Swaps Outstanding | The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding at March 31, 2024 and December 31, 2023 are presented in the following table. Weighted-Average Interest Rate March 31, 2024 December 31, 2023 Received Paid Received Paid Loan customer counterparty 3.07 % 6.78 % 3.07 % 6.81 % |
Schedule of Income (Loss) from Derivatives Not Designated as Hedging Instruments | Income (loss) for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, Derivatives not designated as hedging instruments 2024 2023 (Dollars in thousands) Interest rate lock commitments $ 38 $ 30 Forward mortgage-backed securities trades 196 ( 50 ) |
Income Per Common Share - Sched
Income Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 110,426 | $ 124,694 |
Basic, Weighted average shares outstanding (in shares) | 93,706 | 91,207 |
Basic | $ 1.18 | $ 1.37 |
Diluted, Weighted average shares outstanding (in shares) | 93,706 | 91,207 |
Diluted | $ 1.18 | $ 1.37 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Number of options outstanding | 0 | |
Antidilutive Securities excluded from computation of earnings per share, amount | 0 | 0 |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) | Mar. 31, 2024 |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Minimum percentage of income tax payment net of refunds received | 5% |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | |||
Available for Sale, Amortized Cost | $ 318,253 | $ 440,358 | |
Available for Sale, Gross Unrealized Gains | 1,888 | 2,890 | |
Available for Sale, Gross Unrealized Losses | (4,841) | (4,660) | |
Available for Sale | 315,300 | 438,588 | |
Held to Maturity, Amortized Cost | 11,985,838 | 12,365,308 | |
Held to Maturity, Gross Unrealized Gains | 1,152 | 3,995 | |
Held to Maturity, Gross Unrealized Losses | (1,508,631) | (1,384,705) | |
Held to Maturity | 10,478,359 | 10,984,598 | $ 10,984,598 |
Corporate Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available for Sale, Amortized Cost | 14,350 | 20,698 | |
Available for Sale, Gross Unrealized Gains | 1,830 | 1,827 | |
Available for Sale, Gross Unrealized Losses | (335) | (738) | |
Available for Sale | 15,845 | 21,787 | |
Held to Maturity, Amortized Cost | 12,000 | 12,000 | |
Held to Maturity, Gross Unrealized Losses | (3,840) | (4,200) | |
Held to Maturity | 8,160 | 7,800 | |
Collateralized Mortgage Obligations [Member] | |||
Marketable Securities [Line Items] | |||
Available for Sale, Amortized Cost | 198,180 | 321,881 | |
Available for Sale, Gross Unrealized Gains | 967 | ||
Available for Sale, Gross Unrealized Losses | (3,374) | (2,804) | |
Available for Sale | 194,806 | 320,044 | |
Held to Maturity, Amortized Cost | 256,216 | 263,250 | |
Held to Maturity, Gross Unrealized Losses | (25,076) | (20,864) | |
Held to Maturity | 231,140 | 242,386 | |
Mortgage-backed Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available for Sale, Amortized Cost | 105,723 | 97,779 | |
Available for Sale, Gross Unrealized Gains | 58 | 96 | |
Available for Sale, Gross Unrealized Losses | (1,132) | (1,118) | |
Available for Sale | 104,649 | 96,757 | |
Held to Maturity, Amortized Cost | 11,598,232 | 11,965,930 | |
Held to Maturity, Gross Unrealized Gains | 388 | 2,131 | |
Held to Maturity, Gross Unrealized Losses | (1,477,027) | (1,357,283) | |
Held to Maturity | 10,121,593 | 10,610,778 | |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | |||
Marketable Securities [Line Items] | |||
Held to Maturity, Amortized Cost | 7,691 | 7,631 | |
Held to Maturity, Gross Unrealized Losses | (107) | (52) | |
Held to Maturity | 7,584 | 7,579 | |
States and Political Subdivisions [Member] | |||
Marketable Securities [Line Items] | |||
Held to Maturity, Amortized Cost | 111,699 | 116,497 | |
Held to Maturity, Gross Unrealized Gains | 764 | 1,864 | |
Held to Maturity, Gross Unrealized Losses | (2,581) | (2,306) | |
Held to Maturity | $ 109,882 | $ 116,055 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) Segment Security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Security | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Number of Investment Securities Segments | Segment | 2 | ||
Credit losses | $ 0 | ||
Municipal securities percentage of securities portfolio | 0.90% | ||
Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater Than or Equal to One Year | Security | 1,028 | 941 | |
Gain (loss) on sale of securities | $ 298,000 | $ 0 | |
Available for Sale Securities, Amortized Cost Basis | 318,253,000 | $ 440,358,000 | |
Debt Securities, Available-for-Sale | 315,300,000 | 438,588,000 | |
Collateralized Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost Basis | 10,990,000,000 | 11,340,000,000 | |
Debt Securities, Available-for-Sale | $ 9,600,000,000 | $ 10,090,000,000 | |
Securities Concentration Risk [Member] | Stockholders' Equity, Total [Member] | Other Than U.S. Government and Agencies [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Concentration Risk, Percentage | 10% | 10% |
Securities - Securities in Cont
Securities - Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | $ 73,574 | $ 63,065 |
Available for Sale, Unrealized Losses, Less than 12 Months | (1,269) | (1,480) |
Available for Sale, Estimated Fair Value, 12 Months or More | 227,998 | 206,969 |
Available for Sale, Unrealized Losses, 12 Months or More | (3,572) | (3,180) |
Available for Sale, Estimated Fair Value, Total | 301,572 | 270,034 |
Available for Sale, Unrealized Losses, Total | (4,841) | (4,660) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 217,592 | 133,665 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (3,272) | (1,408) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 10,146,776 | 10,595,558 |
Held to Maturity, Unrealized Losses, 12 Months or More | (1,505,359) | (1,383,297) |
Held to Maturity, Estimated Fair Value, Total | 10,364,368 | 10,729,223 |
Held to Maturity, Unrealized Losses, Total | (1,508,631) | (1,384,705) |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 5,265 | 7,300 |
Available for Sale, Unrealized Losses, Less than 12 Months | (335) | (738) |
Available for Sale, Estimated Fair Value, Total | 5,265 | 7,300 |
Available for Sale, Unrealized Losses, Total | (335) | (738) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 8,160 | 7,800 |
Held to Maturity, Unrealized Losses, 12 Months or More | (3,840) | (4,200) |
Held to Maturity, Estimated Fair Value, Total | 8,160 | 7,800 |
Held to Maturity, Unrealized Losses, Total | (3,840) | (4,200) |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 58,266 | 54,611 |
Available for Sale, Unrealized Losses, Less than 12 Months | (874) | (729) |
Available for Sale, Estimated Fair Value, 12 Months or More | 136,540 | 114,758 |
Available for Sale, Unrealized Losses, 12 Months or More | (2,500) | (2,075) |
Available for Sale, Estimated Fair Value, Total | 194,806 | 169,369 |
Available for Sale, Unrealized Losses, Total | (3,374) | (2,804) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 47,876 | 50,147 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (1,261) | (470) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 183,228 | 192,205 |
Held to Maturity, Unrealized Losses, 12 Months or More | (23,815) | (20,394) |
Held to Maturity, Estimated Fair Value, Total | 231,104 | 242,352 |
Held to Maturity, Unrealized Losses, Total | (25,076) | (20,864) |
Mortgage-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 10,043 | 1,154 |
Available for Sale, Unrealized Losses, Less than 12 Months | (60) | (13) |
Available for Sale, Estimated Fair Value, 12 Months or More | 91,458 | 92,211 |
Available for Sale, Unrealized Losses, 12 Months or More | (1,072) | (1,105) |
Available for Sale, Estimated Fair Value, Total | 101,501 | 93,365 |
Available for Sale, Unrealized Losses, Total | (1,132) | (1,118) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 147,256 | 52,853 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (1,836) | (807) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 9,900,482 | 10,354,514 |
Held to Maturity, Unrealized Losses, 12 Months or More | (1,475,191) | (1,356,476) |
Held to Maturity, Estimated Fair Value, Total | 10,047,738 | 10,407,367 |
Held to Maturity, Unrealized Losses, Total | (1,477,027) | (1,357,283) |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 7,583 | 7,580 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (107) | (52) |
Held to Maturity, Estimated Fair Value, Total | 7,583 | 7,580 |
Held to Maturity, Unrealized Losses, Total | (107) | (52) |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 14,877 | 23,085 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (68) | (79) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 54,906 | 41,039 |
Held to Maturity, Unrealized Losses, 12 Months or More | (2,513) | (2,227) |
Held to Maturity, Estimated Fair Value, Total | 69,783 | 64,124 |
Held to Maturity, Unrealized Losses, Total | $ (2,581) | $ (2,306) |
Securities - Investment Securit
Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | |||
Held to Maturity, amortized cost, due in one year or less | $ 27,214 | ||
Held to Maturity, amortized cost, due after one year through five years | 45,853 | ||
Held to Maturity, amortized cost, due after five years through ten years | 46,427 | ||
Held to Maturity, amortized cost, due after ten years | 11,896 | ||
Held to Maturity, amortized cost, subtotal | 131,390 | ||
Held to Maturity, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 11,854,448 | ||
Held to Maturity, Amortized Cost | 11,985,838 | $ 12,365,308 | |
Held to Maturity, fair value, due in one year or less | 27,560 | ||
Held to Maturity, fair value, due after one year through five years | 45,608 | ||
Held to Maturity, fair value, due after five years through ten years | 41,573 | ||
Held to Maturity, fair value, due after ten years | 10,885 | ||
Held to Maturity, fair value, subtotal | 125,626 | ||
Held to Maturity, fair value, mortgage-backed securities and collateralized mortgage obligations | 10,352,733 | ||
Held to Maturity, fair value, total | 10,478,359 | 10,984,598 | $ 10,984,598 |
Available for Sale, amortized cost, due after five years through ten years | 14,350 | ||
Available for Sale, amortized cost, subtotal | 14,350 | ||
Available for Sale, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 303,903 | ||
Available for Sale, Amortized Cost | 318,253 | 440,358 | |
Available for Sale, fair value, due after five years through ten years | 15,845 | ||
Available for Sale, fair value, subtotal | 15,845 | ||
Available for Sale, fair value, mortgage-backed securities and collateralized mortgage obligations | 299,455 | ||
Available for Sale securities, at fair value | $ 315,300 | $ 438,588 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Types of Loans in Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | $ 6,380 | $ 5,734 | |
Loans held for investment | 20,393,943 | 20,352,559 | |
Total loans, including Warehouse Purchase Program | 21,265,247 | 21,180,538 | |
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | 6,380 | 5,734 | |
Warehouse Purchase Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 864,924 | 822,245 | |
Total loans, including Warehouse Purchase Program | 864,924 | 822,245 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,470,848 | 2,305,040 | |
Total loans, including Warehouse Purchase Program | 2,470,848 | 2,305,040 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,876,588 | 3,076,591 | |
Total loans, including Warehouse Purchase Program | 2,876,588 | 3,076,591 | |
Real Estate [Member] | 1-4 Family [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 8,275,040 | 8,162,344 | |
Total loans, including Warehouse Purchase Program | [1] | 8,281,420 | 8,168,078 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 5,631,460 | 5,662,948 | |
Total loans, including Warehouse Purchase Program | 5,631,460 | 5,662,948 | |
Real Estate [Member] | Farmland [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 590,896 | 598,898 | |
Agriculture [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 222,196 | 217,145 | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 326,915 | 329,593 | |
Total loans, including Warehouse Purchase Program | $ 326,915 | $ 329,593 | |
[1] Includes $ 6.4 million and $ 5.7 million of residential mortgage loans held for sale at March 31, 2024 and December 31, 2023 , respectively. |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Percentage of Loans Related to Single Industry on Loans | 10% | 10% | ||
Percentage of real estate loans aggregating to company loan portfolio, excluding Warehouse Purchase Program loans | 82.30% | 83% | ||
Loans and Leases Receivable, Related Parties | $ 290,000 | $ 292,000 | $ 547,000 | |
Loans held for investment | $ 20,393,943,000 | $ 20,352,559,000 | ||
Financing Receivable Ratio of Nonperforming Loans to All Loans and Other Real Estate | 0.39% | 0.34% | ||
Loans and leases receivable, nonaccrual loans | $ 78,500,000 | $ 68,700,000 | ||
Financing Receivable, Allowance for Credit Losses on Loans | $ 330,200,000 | $ 332,400,000 | ||
Allowance for Credit Losses as Percentage of Loans | 1.55% | 1.57% | ||
Provision for credit losses | $ 0 | $ 0 | ||
Decrease in allowance for credit losses for loans | $ (2,100,000) | |||
Decrease in allowance for credit losses for loans, percentage | (0.60%) | |||
Net (charge-offs) recoveries | $ (2,143,000) | $ 615,000 | ||
General reserve | 4,100,000 | |||
Allowance for credit losses on off-balance sheet credit exposures | 36,503,000 | $ 36,503,000 | ||
Commitments expected to fund | 2,260,000,000 | |||
Nonaccrual loans | 78,475,000 | 68,688,000 | ||
PCD Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Net (charge-offs) recoveries | (991,000) | |||
Nonperforming Financial Instruments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 83,800,000 | $ 72,700,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Related Party Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Receivables [Abstract] | ||
Beginning balance on January 1 | $ 292 | $ 547 |
New loans | 1 | 64 |
Repayments | (3) | (319) |
Ending balance | $ 290 | $ 292 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | $ 21,091,342 | $ 21,002,310 | |
Nonaccrual loans | 78,475 | 68,688 | |
Total loans | 21,265,247 | 21,180,538 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 92,395 | 107,345 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 3,035 | 2,195 | |
Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 95,430 | 109,540 | |
Warehouse Purchase Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 864,924 | 822,245 | |
Total loans | 864,924 | 822,245 | |
Agriculture [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 805,706 | 806,011 | |
Nonaccrual loans | 3,286 | 1,460 | |
Total loans | 813,092 | 816,043 | |
Agriculture [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 3,672 | 8,572 | |
Agriculture [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 428 | ||
Agriculture [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 4,100 | 8,572 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,844,761 | 3,038,559 | |
Nonaccrual loans | 14,749 | 14,770 | |
Total loans | 2,876,588 | 3,076,591 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 17,078 | 21,627 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 1,635 | ||
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 17,078 | 23,262 | |
Real Estate [Member] | Agriculture [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 813,092 | ||
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 8,214,494 | 8,103,904 |
Nonaccrual loans | [1] | 29,464 | 25,694 |
Total loans | [1] | 8,281,420 | 8,168,078 |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 37,462 | 38,350 |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 130 | |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 37,462 | 38,480 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 5,594,704 | 5,620,775 | |
Nonaccrual loans | 21,303 | 18,662 | |
Total loans | 5,631,460 | 5,662,948 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 13,036 | 23,511 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,417 | ||
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 15,453 | 23,511 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,440,401 | 2,281,762 | |
Nonaccrual loans | 9,542 | 8,066 | |
Total loans | 2,470,848 | 2,305,040 | |
Commercial and Industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 20,715 | 14,782 | |
Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 190 | 430 | |
Commercial and Industrial [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 20,905 | 15,212 | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 326,352 | 329,054 | |
Nonaccrual loans | 131 | 36 | |
Total loans | 326,915 | 329,593 | |
Consumer and Other [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 432 | 503 | |
Consumer and Other [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | $ 432 | $ 503 | |
[1] Includes $ 6.4 million and $ 5.7 million of residential mortgage loans held for sale at March 31, 2024 and December 31, 2023 , respectively. |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 6,380 | $ 5,734 |
Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 6,380 | $ 5,734 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 20,393,943 | $ 20,352,559 | |
Other real estate owned | $ 2,204 | $ 1,708 | |
Nonperforming assets to total loans and other real estate | 0.39% | 0.34% | |
Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate | 0.41% | 0.36% | |
Nonaccrual loans to total loans | 0.37% | 0.32% | |
Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans | 0.38% | 0.34% | |
Nonperforming Financial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 81,510 | $ 70,883 | |
Repossessed assets | 97 | 76 | |
Other real estate owned | 2,204 | 1,708 | |
Total nonperforming assets | 83,811 | 72,667 | |
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | [1],[2] | 78,475 | 68,688 |
Nonperforming Financial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 3,035 | $ 2,195 | |
[1] ASU 2022-02 became effective for the Company on January 1, 2023. There were no nonperforming Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Nonperforming Assets (Parenthetical) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 20,393,943,000 | $ 20,352,559,000 | |
Nonperforming Financial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 81,510,000 | 70,883,000 | |
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | [1],[2] | 78,475,000 | 68,688,000 |
Troubled Debt Restructuring [Member] | Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | Warehouse Purchase Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
[1] ASU 2022-02 became effective for the Company on January 1, 2023. There were no nonperforming Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Recorded Investment and Outstanding Balance for Purchased Credit Deteriorated Loans and Non Purchased Credit Deteriorated Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
PCD Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | $ 495,074 | $ 533,653 |
Discount | (7,361) | (7,914) |
Recorded investment | 487,713 | 525,739 |
Non-PCD Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | 1,676,563 | 1,823,809 |
Discount | (18,681) | (19,992) |
Recorded investment | $ 1,657,882 | $ 1,803,817 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Changes in Accretable Yields of Acquired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
PCD Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | $ 7,914 | $ 3,361 |
Accretion recoveries (charge-offs) | (5) | |
Accretion | (548) | (339) |
Balance at March 31, | 7,361 | 3,022 |
Non-PCD Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | 19,992 | 2,233 |
Accretion recoveries (charge-offs) | 1 | |
Accretion | (1,312) | (532) |
Balance at March 31, | $ 18,681 | $ 1,701 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Risk Grade by Category of Loan and Year of Origination/Renewal (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable Impaired [Line Items] | |||
2024 | $ 1,436,156 | ||
2023 | 5,021,382 | ||
2022 | 2,122,994 | ||
2021 | 3,825,943 | ||
2020 | 3,006,481 | ||
Prior | 4,179,751 | ||
Revolving Loans | 1,632,109 | ||
Revolving Loans Converted to Term Loans | 40,431 | ||
Total loans | 21,265,247 | $ 21,180,538 | |
Current-period gross write-offs, 2024 | 1,470 | ||
Current-period gross write-offs, 2023 | 755 | ||
Current-period gross write-offs, 2022 | 33 | ||
Current-period gross write-offs, 2021 | 63 | ||
Current-period gross write-offs, 2020 | 73 | ||
Current-period gross write-offs, Prior | 254 | ||
Current-period gross write-offs, Revolving Loans | 953 | ||
Current-period gross write-offs, Total | 3,601 | ||
PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 1,758 | ||
2023 | 172,461 | ||
2022 | 61,891 | ||
2021 | 69,943 | ||
2020 | 49,529 | ||
Prior | 86,242 | ||
Revolving Loans | 45,889 | ||
Total loans | 487,713 | ||
Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | 813,092 | 816,043 | |
Warehouse Purchase Program [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 864,924 | ||
Total loans | 864,924 | 822,245 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 108,055 | ||
2023 | 860,865 | ||
2022 | 945,805 | ||
2021 | 430,233 | ||
2020 | 252,132 | ||
Prior | 108,236 | ||
Revolving Loans | 171,262 | ||
Total loans | 2,876,588 | 3,076,591 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 1,218 | ||
2023 | 29,616 | ||
2022 | 98,450 | ||
2021 | 15,171 | ||
2020 | 7,649 | ||
Prior | 7,371 | ||
Revolving Loans | 20,391 | ||
Total loans | 179,866 | ||
Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 24,932 | ||
2023 | 150,882 | ||
2022 | 193,915 | ||
2021 | 105,762 | ||
2020 | 67,195 | ||
Prior | 134,535 | ||
Revolving Loans | 135,777 | ||
Revolving Loans Converted to Term Loans | 94 | ||
Total loans | 813,092 | ||
Current-period gross write-offs, Prior | 121 | ||
Current-period gross write-offs, Total | 121 | ||
Real Estate [Member] | Agriculture [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 1,986 | ||
2022 | 2,532 | ||
2021 | 1,345 | ||
2020 | 14,558 | ||
Prior | 2,630 | ||
Revolving Loans | 2,693 | ||
Total loans | 25,744 | ||
Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 110,434 | ||
2023 | 1,191,104 | ||
2022 | 2,283,692 | ||
2021 | 2,172,423 | ||
2020 | 1,032,953 | ||
Prior | 1,393,290 | ||
Revolving Loans | 94,563 | ||
Revolving Loans Converted to Term Loans | 2,961 | ||
Total loans | [1] | 8,281,420 | 8,168,078 |
Current-period gross write-offs, 2022 | 389 | ||
Current-period gross write-offs, 2020 | 33 | ||
Current-period gross write-offs, Prior | 39 | ||
Current-period gross write-offs, Total | 461 | ||
Real Estate [Member] | 1-4 Family [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 625 | ||
2022 | 4,243 | ||
2021 | 475 | ||
2020 | 469 | ||
Prior | 2,121 | ||
Total loans | 7,933 | ||
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 53,699 | ||
2023 | 461,847 | ||
2022 | 1,228,640 | ||
2021 | 909,352 | ||
2020 | 673,842 | ||
Prior | 2,203,321 | ||
Revolving Loans | 96,168 | ||
Revolving Loans Converted to Term Loans | 4,591 | ||
Total loans | 5,631,460 | 5,662,948 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 540 | ||
2023 | 13,613 | ||
2022 | 53,166 | ||
2021 | 49,281 | ||
2020 | 38,547 | ||
Prior | 71,666 | ||
Revolving Loans | 329 | ||
Total loans | 227,142 | ||
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 239,312 | ||
2023 | 274,792 | ||
2022 | 311,267 | ||
2021 | 179,447 | ||
2020 | 67,902 | ||
Prior | 312,993 | ||
Revolving Loans | 1,052,361 | ||
Revolving Loans Converted to Term Loans | 32,774 | ||
Total loans | 2,470,848 | 2,305,040 | |
Current-period gross write-offs, 2023 | 53 | ||
Current-period gross write-offs, 2022 | 349 | ||
Current-period gross write-offs, 2021 | 39 | ||
Current-period gross write-offs, Prior | 24 | ||
Current-period gross write-offs, Revolving Loans | 895 | ||
Current-period gross write-offs, Total | 1,360 | ||
Commercial and Industrial [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 3,689 | ||
2022 | 14,070 | ||
2021 | 3,637 | ||
2020 | 661 | ||
Prior | 2,439 | ||
Revolving Loans | 22,462 | ||
Total loans | 46,958 | ||
Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 34,800 | ||
2023 | 66,991 | ||
2022 | 58,063 | ||
2021 | 28,726 | ||
2020 | 28,970 | ||
Prior | 27,376 | ||
Revolving Loans | 81,978 | ||
Revolving Loans Converted to Term Loans | 11 | ||
Total loans | 326,915 | $ 329,593 | |
Current-period gross write-offs, 2024 | 1,470 | ||
Current-period gross write-offs, 2023 | 20 | ||
Current-period gross write-offs, 2022 | 17 | ||
Current-period gross write-offs, 2021 | 24 | ||
Current-period gross write-offs, 2020 | 0 | ||
Current-period gross write-offs, Prior | 70 | ||
Current-period gross write-offs, Revolving Loans | 58 | ||
Current-period gross write-offs, Total | 1,659 | ||
Consumer and Other [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 34 | ||
2020 | 7 | ||
Prior | 15 | ||
Revolving Loans | 14 | ||
Total loans | 70 | ||
Grade 1 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 11,726 | ||
2023 | 16,221 | ||
2022 | 4,853 | ||
2021 | 9,403 | ||
2020 | 29,040 | ||
Prior | 12,471 | ||
Revolving Loans | 52,538 | ||
Revolving Loans Converted to Term Loans | 176 | ||
Total loans | 136,428 | ||
Grade 1 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 720 | ||
2023 | 1,179 | ||
2022 | 1,231 | ||
2021 | 172 | ||
2020 | 252 | ||
Prior | 369 | ||
Revolving Loans | 8,590 | ||
Total loans | 12,513 | ||
Grade 1 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 74 | ||
2022 | 153 | ||
2020 | 109 | ||
Total loans | 336 | ||
Grade 1 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 6,392 | ||
2023 | 15,267 | ||
2022 | 9,372 | ||
2021 | 6,418 | ||
2020 | 2,811 | ||
Prior | 6,188 | ||
Revolving Loans | 41,360 | ||
Revolving Loans Converted to Term Loans | 176 | ||
Total loans | 87,984 | ||
Grade 1 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 4,614 | ||
2023 | 12,520 | ||
2022 | 5,465 | ||
2021 | 2,813 | ||
2020 | 1,681 | ||
Prior | 5,914 | ||
Revolving Loans | 2,588 | ||
Total loans | 35,595 | ||
Grade 2 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 6,132 | ||
2023 | 24,577 | ||
2022 | 890 | ||
2021 | 473 | ||
2020 | 14,746 | ||
Prior | 11,060 | ||
Revolving Loans | 3,848 | ||
Total loans | 61,726 | ||
Grade 2 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 1,106 | ||
2022 | 166 | ||
Prior | 14 | ||
Total loans | 1,286 | ||
Grade 2 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 13 | ||
2022 | 60 | ||
2021 | 101 | ||
Prior | 722 | ||
Revolving Loans | 46 | ||
Total loans | 942 | ||
Grade 2 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 526 | ||
2022 | 1,243 | ||
2021 | 153 | ||
2020 | 236 | ||
Prior | 2,602 | ||
Total loans | 4,760 | ||
Grade 2 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,128 | ||
2020 | 459 | ||
Prior | 2,232 | ||
Total loans | 3,819 | ||
Grade 2 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 695 | ||
2022 | 7,799 | ||
2021 | 219 | ||
2020 | 195 | ||
Prior | 3,651 | ||
Revolving Loans | 2,295 | ||
Total loans | 14,854 | ||
Grade 2 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 6,132 | ||
2023 | 12,406 | ||
2022 | 14,181 | ||
Prior | 1,839 | ||
Revolving Loans | 1,507 | ||
Total loans | 36,065 | ||
Grade 3 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 1,384,010 | ||
2023 | 4,288,187 | ||
2022 | 1,752,316 | ||
2021 | 3,434,462 | ||
2020 | 2,694,771 | ||
Prior | 2,938,298 | ||
Revolving Loans | 1,376,075 | ||
Revolving Loans Converted to Term Loans | 37,729 | ||
Total loans | 17,905,848 | ||
Grade 3 [Member] | Warehouse Purchase Program [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 864,924 | ||
Total loans | 864,924 | ||
Grade 3 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 103,359 | ||
2023 | 745,828 | ||
2022 | 696,969 | ||
2021 | 364,477 | ||
2020 | 215,354 | ||
Prior | 57,308 | ||
Revolving Loans | 119,072 | ||
Total loans | 2,302,367 | ||
Grade 3 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 20,051 | ||
2023 | 126,212 | ||
2022 | 168,180 | ||
2021 | 76,630 | ||
2020 | 47,924 | ||
Prior | 118,858 | ||
Revolving Loans | 102,641 | ||
Revolving Loans Converted to Term Loans | 94 | ||
Total loans | 660,590 | ||
Grade 3 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 109,256 | ||
2023 | 1,172,870 | ||
2022 | 2,253,123 | ||
2021 | 2,140,728 | ||
2020 | 1,021,887 | ||
Prior | 1,310,779 | ||
Revolving Loans | 91,597 | ||
Revolving Loans Converted to Term Loans | 2,757 | ||
Total loans | 8,102,997 | ||
Grade 3 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 50,492 | ||
2023 | 403,245 | ||
2022 | 908,841 | ||
2021 | 680,193 | ||
2020 | 405,589 | ||
Prior | 1,246,771 | ||
Revolving Loans | 77,627 | ||
Revolving Loans Converted to Term Loans | 4,591 | ||
Total loans | 3,777,349 | ||
Grade 3 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 211,874 | ||
2023 | 206,299 | ||
2022 | 222,945 | ||
2021 | 147,665 | ||
2020 | 49,661 | ||
Prior | 187,230 | ||
Revolving Loans | 910,134 | ||
Revolving Loans Converted to Term Loans | 30,276 | ||
Total loans | 1,966,084 | ||
Grade 3 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 24,054 | ||
2023 | 40,317 | ||
2022 | 38,129 | ||
2021 | 24,769 | ||
2020 | 11,901 | ||
Prior | 17,352 | ||
Revolving Loans | 75,004 | ||
Revolving Loans Converted to Term Loans | 11 | ||
Total loans | 231,537 | ||
Grade 4 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 31,392 | ||
2023 | 475,006 | ||
2022 | 259,716 | ||
2021 | 282,292 | ||
2020 | 209,728 | ||
Prior | 929,581 | ||
Revolving Loans | 139,245 | ||
Revolving Loans Converted to Term Loans | 2,426 | ||
Total loans | 2,329,386 | ||
Grade 4 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 3,478 | ||
2023 | 83,562 | ||
2022 | 146,216 | ||
2021 | 42,544 | ||
2020 | 5,572 | ||
Prior | 26,944 | ||
Revolving Loans | 30,782 | ||
Total loans | 339,098 | ||
Grade 4 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 3,436 | ||
2023 | 21,435 | ||
2022 | 19,644 | ||
2021 | 25,993 | ||
2020 | 4,122 | ||
Prior | 9,589 | ||
Revolving Loans | 21,807 | ||
Total loans | 106,026 | ||
Grade 4 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 1,178 | ||
2023 | 15,265 | ||
2022 | 15,813 | ||
2021 | 25,722 | ||
2020 | 5,681 | ||
Prior | 64,138 | ||
Revolving Loans | 2,871 | ||
Revolving Loans Converted to Term Loans | 204 | ||
Total loans | 130,872 | ||
Grade 4 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 2,667 | ||
2023 | 43,104 | ||
2022 | 262,140 | ||
2021 | 172,287 | ||
2020 | 217,796 | ||
Prior | 716,336 | ||
Revolving Loans | 15,857 | ||
Total loans | 1,430,187 | ||
Grade 4 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 20,633 | ||
2023 | 44,614 | ||
2022 | 30,936 | ||
2021 | 14,641 | ||
2020 | 11,286 | ||
Prior | 110,319 | ||
Revolving Loans | 65,063 | ||
Revolving Loans Converted to Term Loans | 2,222 | ||
Total loans | 299,714 | ||
Grade 4 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 1,748 | ||
2022 | 257 | ||
2021 | 1,105 | ||
2020 | 15,259 | ||
Prior | 2,255 | ||
Revolving Loans | 2,865 | ||
Total loans | 23,489 | ||
Grade 5 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 725 | ||
2023 | 27,727 | ||
2022 | 25,158 | ||
2021 | 11,713 | ||
2020 | 266 | ||
Prior | 109,666 | ||
Revolving Loans | 11,324 | ||
Revolving Loans Converted to Term Loans | 100 | ||
Total loans | 186,679 | ||
Grade 5 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,357 | ||
2020 | 23,373 | ||
Prior | 15,796 | ||
Revolving Loans | 769 | ||
Total loans | 41,295 | ||
Grade 5 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 725 | ||
2023 | 57 | ||
2022 | 799 | ||
2021 | 885 | ||
Prior | 1,143 | ||
Total loans | 3,609 | ||
Grade 5 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,206 | ||
2020 | 119 | ||
Prior | 2,517 | ||
Total loans | 3,842 | ||
Grade 5 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 192 | ||
2022 | 2,538 | ||
2021 | 4,771 | ||
Prior | 89,422 | ||
Revolving Loans | 2,355 | ||
Total loans | 99,278 | ||
Grade 5 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 17 | ||
2022 | 21,827 | ||
2021 | 6,057 | ||
2020 | 1,666 | ||
Prior | 788 | ||
Revolving Loans | 8,200 | ||
Revolving Loans Converted to Term Loans | 100 | ||
Total loans | 38,655 | ||
Grade 6 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 413 | ||
2023 | 4,286 | ||
2022 | 12,008 | ||
2021 | 8,793 | ||
2020 | 881 | ||
Prior | 80,646 | ||
Revolving Loans | 2,390 | ||
Total loans | 109,417 | ||
Grade 6 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 570 | ||
2021 | 7,698 | ||
2020 | 184 | ||
Prior | 561 | ||
Total loans | 9,013 | ||
Grade 6 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 78 | ||
Prior | 1,195 | ||
Total loans | 1,273 | ||
Grade 6 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 357 | ||
2021 | 41 | ||
2020 | 19 | ||
Prior | 1,840 | ||
Total loans | 2,257 | ||
Grade 6 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 356 | ||
2020 | 11,451 | ||
Prior | 76,088 | ||
Total loans | 87,895 | ||
Grade 6 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2024 | 413 | ||
2023 | 311 | ||
2022 | 3,898 | ||
2021 | 615 | ||
2020 | 354 | ||
Prior | 962 | ||
Revolving Loans | 2,390 | ||
Total loans | 8,943 | ||
Grade 6 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 31 | ||
2021 | 5 | ||
Total loans | 36 | ||
Grade 7 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 12,917 | ||
2022 | 6,162 | ||
2021 | 8,864 | ||
2020 | 7,520 | ||
Prior | 11,787 | ||
Revolving Loans | 800 | ||
Total loans | 48,050 | ||
Grade 7 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 183 | ||
2022 | 2,647 | ||
2021 | 343 | ||
Prior | 242 | ||
Revolving Loans | 248 | ||
Total loans | 3,663 | ||
Grade 7 [Member] | Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,469 | ||
2021 | 558 | ||
2020 | 339 | ||
Prior | 29 | ||
Total loans | 2,395 | ||
Grade 7 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 1,744 | ||
2022 | 7,554 | ||
2021 | 5,304 | ||
2020 | 4,433 | ||
Prior | 9,293 | ||
Revolving Loans | 95 | ||
Total loans | 28,423 | ||
Grade 7 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 1,693 | ||
2022 | 827 | ||
2021 | 2,464 | ||
Prior | 806 | ||
Total loans | 5,790 | ||
Grade 7 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2023 | 3,900 | ||
2022 | 420 | ||
2021 | 195 | ||
2020 | 1,268 | ||
Prior | 1,416 | ||
Revolving Loans | 457 | ||
Total loans | 7,656 | ||
Grade 7 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 122 | ||
Prior | 1 | ||
Total loans | $ 123 | ||
[1] Includes $ 6.4 million and $ 5.7 million of residential mortgage loans held for sale at March 31, 2024 and December 31, 2023 , respectively. |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Risk Grade by Category of Loan and Year of Origination/Renewal (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Impaired [Line Items] | ||
Loans held for sale | $ 6,380 | $ 5,734 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Loans held for sale | $ 6,380 | $ 5,734 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Allowance for Credit Losses on Loans by Category of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | $ 332,362 | $ 281,576 |
Charge-offs | (3,601) | (2,191) |
Recoveries | 1,458 | 2,806 |
Net (charge-offs) recoveries | (2,143) | 615 |
Allowance for credit losses on loans, ending balance | 330,219 | 282,191 |
Agriculture [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 11,380 | 7,699 |
Provision for credit losses | 1,270 | 356 |
Charge-offs | (121) | |
Recoveries | 6 | |
Net (charge-offs) recoveries | 6 | |
Allowance for credit losses on loans, ending balance | 12,627 | 8,061 |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 87,775 | 78,853 |
Provision for credit losses | (5,619) | 1,695 |
Recoveries | 2 | 13 |
Net (charge-offs) recoveries | 2 | 13 |
Allowance for credit losses on loans, ending balance | 82,158 | 80,561 |
Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Recoveries | 98 | |
Net (charge-offs) recoveries | (23) | |
Real Estate [Member] | 1-4 Family [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 77,652 | 60,795 |
Provision for credit losses | 2,469 | 1,603 |
Charge-offs | (461) | (65) |
Recoveries | 4 | 205 |
Net (charge-offs) recoveries | (457) | 140 |
Allowance for credit losses on loans, ending balance | 79,664 | 62,538 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 88,664 | 66,272 |
Provision for credit losses | (1,468) | 1,699 |
Charge-offs | 0 | 0 |
Recoveries | 1 | |
Net (charge-offs) recoveries | 17 | 1 |
Allowance for credit losses on loans, ending balance | 87,213 | 67,972 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 59,832 | 62,319 |
Provision for credit losses | 2,067 | (6,495) |
Charge-offs | (1,360) | (901) |
Recoveries | 1,077 | 2,373 |
Net (charge-offs) recoveries | (283) | 1,472 |
Allowance for credit losses on loans, ending balance | 61,616 | 57,296 |
Consumer and Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses on loans, beginning balance | 7,059 | 5,638 |
Provision for credit losses | 1,281 | 1,142 |
Charge-offs | (1,659) | (1,225) |
Recoveries | 260 | 208 |
Net (charge-offs) recoveries | (1,399) | (1,017) |
Allowance for credit losses on loans, ending balance | $ 6,941 | $ 5,763 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Schedule of Amortized Cost of Loans Experiencing Financial Difficulty and Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total loans held for investment | 0.05% | 0.02% |
Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | $ 11,413 | $ 4,233 |
Commercial and Industrial [Member] | Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | $ 413 | |
Construction, Land Development and Other Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total loans held for investment | 0.02% | |
Construction, Land Development and Other Land Loans [Member] | Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | $ 4,233 | |
Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of total loans held for investment | 0.05% | |
Agriculture [Member] | Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | $ 11,000 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Schedule of Loan Modifications (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial Effect on Term Extension | Modified to a 7 year term | |
Construction, Land Development and Other Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial Effect on Term Extension | Less than 12-month extension | |
Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financial Effect on Term Extension | Modified to a 2 year term |
Fair Value - Fair Value Assets
Fair Value - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for sale securities: | ||
Available for sale securities, at fair value | $ 315,300 | $ 438,588 |
Corporate Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 15,845 | 21,787 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 315,300 | 438,588 |
Fair Value, Measurements, Recurring [Member] | Loan Customer Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 4,330 | 3,899 |
Fair Value, Measurements, Recurring [Member] | Financial Institution Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 4,309 | 3,876 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 15,845 | 21,787 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 256 | 218 |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 74 | 161 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 8 | 1 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 315,300 | 438,588 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Loan Customer Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 4,330 | 3,899 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Financial Institution Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 4,309 | 3,876 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 15,845 | 21,787 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 256 | 218 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 74 | 161 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 8 | 1 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 194,806 | 320,044 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 194,806 | 320,044 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 104,649 | 96,757 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | $ 104,649 | $ 96,757 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Other real estate, additions | $ 969 | |
Real estate owned outstanding | 845 | |
Additions to impaired loans | $ 13,400 | |
Impaired loans outstanding | $ 13,400 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying and Fair Value Information of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | |||
Cash and due from banks | $ 1,086,444 | $ 458,153 | |
Federal funds sold | 250 | 260 | |
Held to maturity securities | 10,478,359 | 10,984,598 | $ 10,984,598 |
Loans held for sale | 6,380 | 5,734 | |
Loans held for investment | 20,393,943 | 20,352,559 | |
Other real estate owned | 2,204 | 1,708 | |
Liabilities | |||
Noninterest-bearing | 9,526,535 | 9,776,572 | |
Interest-bearing | 17,648,983 | 17,403,237 | |
Other borrowings | 3,900,000 | 3,725,000 | |
Securities sold under repurchase agreements | 261,671 | 309,277 | |
Carrying Amount [Member] | |||
Assets | |||
Cash and due from banks | 1,086,444 | 458,153 | |
Federal funds sold | 250 | 260 | |
Held to maturity securities | 11,985,838 | 12,365,308 | |
Loans held for sale | 6,380 | 5,734 | |
Loans held for investment, net of allowance | 20,063,724 | 20,020,197 | |
Loans held for investment | 864,924 | 822,245 | |
Other real estate owned | 2,204 | 1,708 | |
Liabilities | |||
Noninterest-bearing | 9,526,535 | 9,776,572 | |
Interest-bearing | 17,648,983 | 17,403,237 | |
Other borrowings | 3,900,000 | 3,725,000 | |
Securities sold under repurchase agreements | 261,671 | 309,277 | |
Estimated Fair Value [Member] | |||
Assets | |||
Cash and due from banks | 1,086,444 | 458,153 | |
Federal funds sold | 250 | 260 | |
Held to maturity securities | 10,478,359 | 10,984,598 | |
Loans held for sale | 6,380 | 5,734 | |
Loans held for investment, net of allowance | 18,465,513 | 18,321,054 | |
Loans held for investment | 864,924 | 822,245 | |
Other real estate owned | 2,204 | 1,708 | |
Liabilities | |||
Noninterest-bearing | 9,526,535 | 9,776,572 | |
Interest-bearing | 17,611,669 | 17,371,523 | |
Other borrowings | 3,876,545 | 3,725,000 | |
Securities sold under repurchase agreements | 261,621 | 309,245 | |
Estimated Fair Value [Member] | Level 1 [Member] | |||
Assets | |||
Cash and due from banks | 1,086,444 | 458,153 | |
Federal funds sold | 250 | 260 | |
Estimated Fair Value [Member] | Level 2 [Member] | |||
Assets | |||
Held to maturity securities | 10,478,359 | 10,984,598 | |
Loans held for sale | 6,380 | 5,734 | |
Loans held for investment | 864,924 | 822,245 | |
Other real estate owned | 2,204 | 1,708 | |
Liabilities | |||
Noninterest-bearing | 9,526,535 | 9,776,572 | |
Interest-bearing | 17,611,669 | 17,371,523 | |
Other borrowings | 3,876,545 | 3,725,000 | |
Securities sold under repurchase agreements | 261,621 | 309,245 | |
Estimated Fair Value [Member] | Level 3 [Member] | |||
Assets | |||
Loans held for investment, net of allowance | $ 18,465,513 | $ 18,321,054 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Goodwill and Core Deposit Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Beginning balance | $ 3,396,086 | $ 3,231,636 | $ 3,231,636 |
Goodwill, First Bancshares Merger | 316 | 164,450 | |
Goodwill, Ending balance | 3,396,402 | 3,396,086 | |
Core Deposit Intangibles, Beginning balance | 63,994 | 51,348 | 51,348 |
Core Deposit Intangibles, Amortization | (3,237) | $ (2,374) | (12,676) |
Core Deposit Intangibles, First Bancshares Merger | 25,322 | ||
Core Deposit Intangibles, Ending balance | $ 60,757 | $ 63,994 |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangibles - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Impairment recorded on goodwill and core deposit intangibles | $ 0 | ||
Amortization expense related to intangible assets | $ 3,237,000 | $ 2,374,000 | $ 12,676,000 |
Minimum [Member] | |||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years | ||
Maximum [Member] | |||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Finite-lived intangible assets, useful life | 15 years |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Remaining 2024 | $ 9,576 | ||
2025 | 11,409 | ||
2026 | 10,376 | ||
2027 | 9,288 | ||
2028 | 8,288 | ||
Thereafter | 11,820 | ||
Total | $ 60,757 | $ 63,994 | $ 51,348 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Plan shares | Mar. 31, 2023 USD ($) | Mar. 03, 2020 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock-based employee compensation plans | Plan | 1 | ||
Total unrecognized compensation expense related to stock-based compensation arrangements | $ | $ 28 | ||
Weighted-average period of cost expected to be recognized | 1 year 11 months 12 days | ||
Number of shares outstanding | 0 | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ | $ 3.4 | $ 3.2 | |
2020 Stock Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common shares authorized for issuance | 2,500,000 | ||
2020 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares vested | 406,757 | ||
2020 Stock Incentive Plan [Member] | Unvested Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share issued | 540,297 |
Contractual Obligations and O_3
Contractual Obligations and Off-Balance Sheet Items - Summary of Future Cash Payments Associated with Contractual Obligations Pursuant to Subordinated Debentures, Federal Reserve's Bank Term Funding Program and Federal Home Loan Bank Advances (Details) - Guarantee Obligations [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | $ 2,611,262 |
More than 1 year but less than 3 years | 1,039,320 |
3 years or more but less than 5 years | 299,314 |
5 years or more | 1,623,325 |
Total | 5,573,221 |
Payment Guarantee [Member] | Bank Term Funding Program [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 4,086,149 |
Total | $ 4,086,149 |
Contractual Obligations and O_4
Contractual Obligations and Off-Balance Sheet Items - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) SubleaseArrangement | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Operating lease right of use asset | $ 36,800 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | ||
Number of sublease arrangement | SubleaseArrangement | 1 | ||
Sublease income | $ 869 | $ 806 | |
Operating lease, weighted average remaining lease term | 5 years 8 months 12 days | ||
Operating lease, weighted average discount rate, percent | 2.90% | ||
Operating lease, payments | $ 2,900 | $ 2,800 | |
Right-of-Use asset obtained in exchange for operating lease liability | 2,100 | ||
Allowance for credit losses on off-balance sheet credit exposures | 36,503 | $ 36,503 | |
Bank Term Funding Program [Member] | |||
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Interest payable | $ 186,100 | ||
Minimum [Member] | |||
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Lessee operating lease remaining lease term | 1 year | ||
Maximum [Member] | |||
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Lessee operating lease remaining lease term | 15 years |
Contractual Obligations and O_5
Contractual Obligations and Off-Balance Sheet Items - Future Undiscounted Cash Payments Associated with its Operating Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
Remaining 2024 | $ 7,877 |
2025 | 10,005 |
2026 | 8,865 |
2027 | 5,849 |
2028 | 2,873 |
2029 | 1,541 |
Thereafter | 8,327 |
Total undiscounted lease payments | $ 45,337 |
Contractual Obligations and O_6
Contractual Obligations and Off-Balance Sheet Items - Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit (Details) - Guarantee Obligations [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | $ 2,611,262 |
More than 1 year but less than 3 years | 1,039,320 |
3 years or more but less than 5 years | 299,314 |
5 years or more | 1,623,325 |
Total | 5,573,221 |
Standby Letters of Credit [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 62,745 |
More than 1 year but less than 3 years | 18,559 |
3 years or more but less than 5 years | 2,445 |
5 years or more | 26 |
Total | 83,775 |
Unused capacity on Warehouse Purchase Program loans [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 1,058,576 |
Total | 1,058,576 |
Commitments to Extend Credit [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 1,489,941 |
More than 1 year but less than 3 years | 1,020,761 |
3 years or more but less than 5 years | 296,869 |
5 years or more | 1,623,299 |
Total | $ 4,430,870 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income - Tax Effects Allocated to Each Component of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Change in unrealized loss during period, before tax amount | $ (1,184) | $ (4) |
Change in unrealized loss during period, tax effect | 249 | 1 |
Change in unrealized loss during period, net of tax amount | (935) | (3) |
Total securities available for sale, before tax amount | (1,184) | (4) |
Total securities available for sale, tax effect | 249 | 1 |
Total securities available for sale, net of tax amount | (935) | (3) |
Total other comprehensive loss, before tax amount | (1,184) | (4) |
Total other comprehensive loss, tax effect | 249 | 1 |
Other comprehensive loss, net of tax | $ (935) | $ (3) |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income - Activity in Accumulated Other Comprehensive Loss Associated with Securities Available for Sale, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning balance, accumulated other comprehensive income | $ (1,398) | $ (3,473) |
Other comprehensive income (loss) | (935) | (3) |
Ending balance, accumulated other comprehensive income | (2,333) | (3,476) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance, accumulated other comprehensive income | (1,398) | (3,473) |
Other comprehensive income (loss) | (935) | (3) |
Ending balance, accumulated other comprehensive income | $ (2,333) | $ (3,476) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Balances and Fair Value of Derivative Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Lock Commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | $ 15,693 | $ 7,113 |
Derivative financial instruments, assets at fair value | 256 | 218 |
Forward Mortgage-Backed Securities Trades [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 20,500 | 14,250 |
Derivative financial instruments, assets at fair value | 8 | 1 |
Derivative financial instruments, liabilities at fair value | 74 | 161 |
Commercial Loan Interest Rate Swaps and Caps [Member] | Loan Customer Counterparty [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 67,207 | 67,408 |
Derivative financial instruments, liabilities at fair value | 4,330 | 3,899 |
Commercial Loan Interest Rate Swaps and Caps [Member] | Financial Institution Counterparty [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 67,207 | 67,408 |
Derivative financial instruments, assets at fair value | $ 4,309 | $ 3,876 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Weighted Average Received and Paid Interest Rates for Interest Rate Swaps Outstanding (Details) - Commercial Loan Interest Rate Swaps and Caps [Member] - Loan Customer Counterparty [Member] | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Weighted-Average Interest Rate Received | 3.07 | 3.07 |
Weighted-Average Interest Rate Paid | 6.78 | 6.81 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Swap [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Credit exposure | $ 4,300,000 | $ 3,900,000 |
Cash collateral pledged | 0 | $ 0 |
Financial Institution Counterparty [Member] | ||
Derivative [Line Items] | ||
Credit exposure | $ 280,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Income (Loss) from Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Rate Lock Commitments [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivatives not designated as hedging instruments | $ 38 | $ 30 |
Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivatives not designated as hedging instruments | $ 196 | $ (50) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands | 3 Months Ended | ||||
May 31, 2023 Office | Mar. 31, 2024 USD ($) shares | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 3,396,402 | $ 3,396,086 | $ 3,231,636 | ||
Total assets | 38,756,520 | 38,547,877 | |||
Loans | 20,935,028 | 20,848,176 | |||
Total deposits | $ 27,175,518 | $ 27,179,809 | |||
First Bancshares of Texas, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 3,583,370 | ||||
Payments to acquire businesses in cash | $ 91,500 | ||||
Goodwill | 164,800 | ||||
Total assets | $ 2,140,000 | ||||
Loans | 1,650,000 | ||||
Total deposits | $ 1,710,000 | ||||
First Bancshares of Texas, Inc. [Member] | West, North and Central Texas [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of full-service banking offices | Office | 16 | ||||
Lone Star State Bancshares Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Total assets | 1,380,000 | ||||
Loans | 1,080,000 | ||||
Total deposits | $ 1,240,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Apr. 01, 2024 Office | Jun. 30, 2024 USD ($) shares | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||
Assets | $ 38,756,520 | $ 38,547,877 | ||
Loans | 20,935,028 | 20,848,176 | ||
Total deposits | 27,175,518 | $ 27,179,809 | ||
Lone Star State Bancshares Inc [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets | 1,380,000 | |||
Loans | 1,080,000 | |||
Total deposits | $ 1,240,000 | |||
Lone Star State Bancshares Inc [Member] | West Texas [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of banking offices | Office | 5 | |||
Lone Star State Bancshares Inc [Member] | Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 2,376,182 | |||
Payments to acquire businesses in cash | $ 64,100 |